Permanent Account Number (PAN) is a unique, 10-digit alphanumeric identity allotted to all taxpayers in India by the Income Tax department.
It is essential for undergoing various financial transactions
such as receiving taxable salaries/professional fees, sale or purchase of assets, trading of mutual funds, etc.
such as receiving taxable salaries/professional fees, sale or purchase of assets, trading of mutual funds, etc.
In case there's a mismatch between details in your PAN and Income-Tax portal, here's how you can rectify it.
Procedure to rectify mismatch in PAN and I-T portal online
First off, log on to online PAN grievances portal. Then, click on the link that reads, "If you have a grievance pertaining to an application for PAN..."
Post that, fill out necessary details like nature of complaint (mismatch in this case), receipt-number, PAN, name, DoB, address mail etc.
Finally, click 'Submit' button, and you're done. Other complaints can also be lodged on this portal.
Important PAN rules: About FDs, cash deposits, trading of immovable-property
PAN is necessary for starting a time deposit or fixed deposit account with any financial institution, exceeding the value of Rs. 50,000.
PAN is also mandatory for cash deposits worth more than Rs. 50,000 in a Post Office savings account, or bank account.
One also needs to furnish PAN card credentials for selling or purchasing immovable property valued at Rs. 5 lakh or above.
Rules about hotel/restaurant bill payments, pay-order limit, and debit/credit cards
For making payment of hotel/restaurant bills above Rs. 25,000 at one point, one needs to furnish their PAN.
PAN is also mandatory for buying of a bank draft, pay order, or banker's cheque for an amount of Rs. 50,000 or more, in a day.
One also needs to quote their PAN while applying for a debit/credit card.
Rules about other major financial payments, and linkage with Aadhaar
PAN is mandatory for making payment of Rs. 50,000 or more, for acquiring the shares, debentures, or bonds of a company or institution.
Also, payment of Rs. 50,000 or beyond, in a year, for life insurance premium also requires PAN details.
Further, the Supreme Court also announced that it is mandatory to link PAN with Aadhaar, in order to legitimately file I-T returns.
