In case your PAN Card is not linked with a bank account, opening a fixed deposit account, and depositing cash more than Rs. 50,000 will not be possible. Moreover, it will also result in TDS getting deducted at 20% if the interest amount of the FD account exceeds Rs. 40,000 which is higher than the current 10%. This means your PAN Card details must be linked with your bank account.
Every person who has been assigned a Permanent Account Number ('PAN') and is eligible to get an Aadhaar number must link their PAN with Aadhaar, according to section 139AA of the Income-tax Act, 1961 ('Act'). The process of linking PAN Card with Aadhar has been made mandatory by the government of India.
No, bank account is not necessary for a PAN card.
Yes, PAN Card is valid ID proof. The PAN number can be used to verify your identity in the government database by any private entity.
A new visa and registration are required in case a foreign employee changes jobs in India. Copies of the PAN Card and the income tax form 16 have to be additionally submitted. In case this form is not available yet, form 26 AS can be submitted.
No. Obtaining/possessing more than one PAN is against the law and may attract a penalty up to ₹ 10000. Therefore, it is advisable not to obtain/possess more than one PAN.
No, there is an amount of cost including service charge + tax.
People frequently believe that a Permanent Account Number (PAN) is only available to those above the age of 18. However, the Income Tax Department has not specified an age limit for PAN Card, which means that children can apply for one.
Applicants can now obtain their PAN Number in just 4 days. The PAN Card verification process is now completed within 4 days from the time of the approval of the PAN Card form online.
You can easily edit your PAN Card through Muthoot Finance branch. Submit another form “Change/Correction in PAN Data” which is available in Muthoot Finance Branch.
