Permanent Account Number (PAN) issued by the Income Tax Department is a very important financial document and the laminated plastic card is popularly known as PAN card.

PAN stands for Permanent Account Number. It is a ten-digit alpha-numeric number issued by the income tax department. It is mandatory to have a PAN if you are undertaking financial transactions like receiving salary, professional fee and sale or purchase of assets above specified limits. It is highly recommended that you should have a PAN even if your income does not fall within the taxable brackets. It is also mandatory for businesses to have a PAN card if their turnover or gross receipt exceeded 2 lakhs in the previous financial year.

WHY SHOULD YOU HAVE A PAN CARD?

A PAN card allows the government to keep a track of all financial transactions that may be critical from assessing an individual or companies tax liability, it helps in bringing down the chances of tax evasion. The pan card has your name, DOB and photograph, it also serves as a nationally accepted identity proof for its holder.

The PAN card comes in handy when you purchase an automobile, buy or sell immovable property, buy shares or debentures exceeding 1 lakh, want to open a new bank or demat account or while applying for a credit card and several other transaction types.

WHAT IS E-PAN OR DIGITAL PAN CARD?

The ten-digit unique alphanumeric number issued by the IT Department can be obtained digitally as well. e-PAN is actually a digitally signed PAN card issued in electronic or digital format by the Income-tax department. E pan card is relevant to original or physical PAN Card or it is also called Instant pan card because it is issued within 5 minutes. It is digitally issued instantly.

E PAN card is a digitally authenticated PAN Card implemented in e-format by Income Tax Department using Aadhar e-KYC. E-PAN service is applicable for specific PAN applicants who have been issued an Aadhar Number by UIDAI and are required to file a PAN request through Form 49A. As it is mentioned that it is relevant to physical PAN it allows taxpayers to easily carry out numerous financial transaction and it also helps to the I ncome Tax Department to track such transaction. According to the Income Tax Department, the e-PAN service is only applicable to those applicants whose new PAN Card request has been submitted to proceed via NSDL, UTIITSL or Income Tax Department's e-filling website. E-PAN is only available to Indian Citizens and no NRI's can are applicable for the same.

YOU CAN GET INSTANT e-PAN CARD

You are required to have a Permanent Account Number (PAN) for various purposes like filing the income tax opening bank account, conducting financial transactions and so on. While earlier you were required to fill up form and submit documents to get a PAN card, which could take up to 15 days, you can now get instant e-PAN from the income tax department. e-PAN is a digitally signed PAN card issued in electronic format by the I-T department. The applicant needs to have a valid Aadhaar number or digital signature to get an ePAN.

WHAT ARE THE BENEFITS OF LAUNCHING AN INSTANT e-PAN CARD?

Instant PAN card facility being one more governmental step towards Digital India has manifold benefits such as:

IS e-PAN CARD A VALID FORM OF PAN CARD?

e-PAN is a valid proof of PAN. e-PAN contains a QR code that possesses demographic details of PAN card holder such as the person's name, date of birth and photograph.

These details are accessible through a QR code reader and is duly recognised.

Key things you must also know about the e-PAN facility launched by the government.

This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar. The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants.

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