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As per the reports of CBDT, over 14 crore PANs have been linked with Permanent Account Numbers (PANs), which means nearly 41% of PANs have been linked with Aadhaar numbers. There are about 33 crore PAN cards, while Aadhaar has been issued to about 115 crore people.
The policy-making body of the income tax i.e. CBDT, (Central Board of Direct Taxes) have extended the deadline for this linkage. Earlier the deadline for linking PAN with Aadhaar was July 31st but was extended to August 31 and later to December 31, 2017. And again the government has extended the deadline for the same for three more months i.e. March 31st 2017. And this is the third extension given by the government to individuals to complete the linkage.
Aadhaar, a 12 digit unique identification number, has been made mandatory to be linked with PAN (Permanent Account Number) card in order to file ITR (Income Tax Return) and obtaining a new PAN from July 1st.
To know the linkage procedure of Aadhaar and PAN, visit the link given https://rupeenomics.com/aadhaar-seeding-with-pan-card/
However, partial relief has been given to those who yet to enrol themselves in Aadhaar, hence; the tax man will not cancel the PAN of such individuals.
A PAN card is a 10 digit character code assigned to individuals and taxpaying entities in India by the Income Tax Department. It also works as proof of identity and age in India.
And an Aadhaar card is a 12 digit unique identification number which is issued by the Unique Identification Authority of India (UIDAI) to every Indian citizen. This initiative has been taken by the government to have a single identification document for every citizen in the country; the card is a personal identification card that contains the individual’s biometric and demographic information.
Nowadays, the withdrawal of the Employee Provident (EPF) has been a recent addition to the facilities that can be availed online. Many of the financial transactions are being conducted online which means that now the EPF members do not have to struggle to wait and visit their employer or the EPFO Staff. The claim can be settled within a few hours. About 85% of the EPFO’s workload is due to the claims processing which is now covered in the online EPF withdrawal.
In this article, we will be talking about the PF settlement form (Form 19) and the documents required.
If a person is a part of the EPFO Family then, then he/she has to fill in and submit the Form 19 for the final settlement of the Provident dues. Form 19 should be filled in by the member with detailed and correct information. It should also be attested by the employer for a hassle-free and a quick settlement.
Employee’s Provident Fund Account Settlement
For the settlement of the Provident Fund, the member has to fill in and submit the Form 19. The Form 19 can be easily obtained by downloading it from the Official website/portal- www.epfindia.com
The member has to fill in the required details before submitting this form to the previous employer. In many cases, the salaried persons do not remember their EPF account numbers, in such cases, they can make an official request to the human resource development of their companies and they will establish a contact with the ex-employer of their employers. The members can make their contact with their ex-employers and can obtain the required information.
In some cases, it has been seen that the ex-employees may shut up the shops or while there have been cases where the salaried employers have to quit their establishment under certain unfavorable circumstances. This can be difficult to make any contacts with the previous employers.
The members can fill in the PF Settlement Form (Form 19) along with the required details. The form has to get attested by the Bank manager where they have their EPF Account. The members have to provide their personal details along with the Proof of Identity. The Form 19 has to be submitted to the Regional Provident Fund Manager for the approval and seal of authentication details.
What does Form 19 entail?
The PF Settlement form allows the member to withdraw the provident fund balance. This can be in cases such as after the job retirement, quitting of the job or superannuation etc. Form 19 requires the following to get filled by the user.
- Name of the member – This section should be filled with capital letters. It is to be noted that the name in the application form, bank account, and the claim form should not differ
- Father’s Name – should be filled in legible capital letters. The name should not differ in the application form, bank account, and the claim form.
- Date of Birth
- Name and complete address of the establishment/factory (including the Pin Code).
- Provident Fund Account Number (Format: State/Office/Establishment Code/Account Number). The allotment number remains the same until the user/applicant does not quit the factory/establishment and transfers the fund to the new employer.
- Universal Account Number
- Joining Date (establishment)
- Date of Leaving Service
- Reason for leaving the service. This can be in cases such as Voluntary Retirement Scheme, Disability, Migrating Abroad (permanently), retrenched, resigning (claim should be submitted after two months of leaving service, The women who are leaving the service because of marriage will be given immediate settlement), the service terminated due to the ill-health of the member, discontinuation of the business of the employer or any other factor beyond the member’s control.
- Permanent Account Number(PAN)
- Copies of Form No. 15G/15H
- Complete address of the member (house number, street name, block, city and Pin Code)
- Payment Mode (for the accumulations below Rs 2000, payment is made through the money order and while for the amounts above Rs 2000 the payment is done through cheque).
- Savings Bank Account Number, Bank Name, Address in addition to the IFSC Code. It is important to note that the account payee cheque is sent to the scheduled bank which maintains the savings bank account of the member. Therefore, the full address of the bank branch should be mentioned.
- Signature of the member
- Advanced stamped Receipt (in case the payments are made through cheque, the receipt must be signed by the member. A one rupee revenue stamp is also affixed by the member and the amount will be filled by the OIC at the office of EPFO).
- The contribution for the current financial year (the information includes the contribution along with the wages). In an alternate Form, 3A is also furnished with an attestation by the employer.
- The signature of the employer along with the seal of the employer. If in case the factory/establishment has been shut down, the attestation can be done from any of the Officials listed down below:
- Gazetted Officer
- Bank Manager
- Chairman of Municipal Body
- Head of the Village Panchayat
- Head of an Educational Institution (recognized)
- Central Board of Trustees
- Member of the Parliament/ Legislative Assembly
- Liquidator (appointed by the Court)
The PAN card refers to the Permanent Account Number. The PAN card is used as an “identifier” by the Income Tax department. It is issued by the Income Tax department to link all the transaction of a person with the department. The PAN card comprises of 10 alpha numeric number which is used by the Income Tax department to widen the tax base by facilitating the tax payers with easy information on loans, tax payment, investments etc.
The first three characters comprise of alphabetic series ranging from AAA to ZZZ. The fourth character represents the card holder’s status. For instance “P” stands for individual” stands for a firm,” C” stands for a company,”T” stands for Trust etc.
|Some Important Links Related To The PAN Card|
|PAN Card Information||Click Here|
|Apply For The PAN Card||Click Here|
|Track PAN Card Application Status||Click Here|
|Form 49A||Click Here|
|Re Apply For Lost PAN Card||Click Here|
|PAN Card Correction/Update||Click Here|
|Check PAN Card Number||Click Here|
|Apply For Duplicate PAN Card||Click Here|
|PAN Card Link With Aadhaar Card||Click Here|
Circumstances When a Pan Card Is Mandatory For NRI
The Securities and Exchange Board of India has made several rules that require even NRIs to hold Indian PAN cards. An NRI is required to apply for a PAN card in India in the following circumstances:
- If an NRI gets taxable income from India
- If an NRI wants to trade in India
- Any sort of financial transaction in India will also require a PAN card
- PAN is also mandatory for investing in mutual fund
- PAN is must if an NRI wants to purchase land or other property in India.
Benefits of A Pan Card for An NRI
The PAN card is issued by the Income tax department to every Indian citizen to keep a track of all their monetary transaction. An Indian PAN card can also come in handy for the Non-Residential Indians or Persons of Indian origin who are living abroad. Some of the benefits of an Indian PAN card are
- Any sort of investment into Indian market will require the NRI to have a PAN card issued by the Indian government. Earlier NRIs had the option to investments through a broker or open a Limited Purpose Beneficiary Account. However, from 2007 onwards the Income Tax department has made it compulsory for NRIs to hold PAN cards in case of any investment to made in the Indian market.
- Further, a PAN card is also necessary if an NRI wants to open a Demat account. A Demat account is necessary to hold shares and securities in dematerialized form, i.e, the account holder have the option not to physically hold the certificates in such accounts.
- For purpose of tax payment PAN card is necessary. If an NRI has a taxable income in India exceeding 2.5 lakhs then he or she is required to file tax returns. Further, if an NRI wants to claim the refund or have incurred losses than also he or she is eligible to pay tax in India.
- While the PAN card is not compulsory for an NRI to enter into a property transaction but it is important to have a PAN card for the sale of Indian property.
Steps to Apply for A Pan Card for an NRI
A Non-residential Indian or an organization or firm having no office of its own in India must follow the following steps to apply for a PAN card:
- Visit official website of NDSL: www.nsdl.co.in
- Click on new PAN
- Fill the online application for a new PAN i.e; from 49AA.
- After filling all the details in details in the form click on “submit”.
- On successful submission of the form, an acknowledgment slip will be generated comprising of a 15-digit number.
- The print out of the acknowledgment slip must be taken out and should be sent to the PAN center in India along with the necessary documents.
- The documents must be sent within 15 days from the date of online application.
- The PAN card will be delivered within 2 months to registered foreign address.
The list of documents that are required to submit along with the PAN card application are:
- Two passports sized photographs of the applicant
- Identity proof like a copy of passport, a copy of national identity duly attested by the Indian embassy/consulate/high commission.
- Address proof like copy of the passport, a copy of the bank account statement where the person is residing
- A copy of bank account statement of NRE Bank
- Copy of the Person of Origin card issued by the Indian government
- A Demand draft of the application fee.
How to Fill Form 49AA
The NRIs who are Indian citizens are required to fill form 49A and NRI who are not of Indian citizen are required to fill form 49AA.The forms are available on the official websites of NDSL and UTIITSL. The following details in the form must be filled:
- the correct international taxation directorate should be used
- In case a person does not know the AO code then the default AO code should be mentioned. The default AO code is of Delhi Regional Computer Center(DL-C-35-1)
- The applicant can provide the address of his or her foreign residence or office if they do not have an Indian address.
- An address of communication must be provided (this can be either a foreign address or an Indian Address.
- If a foreign citizen provides an Indian address than he is he is required to prove the proof of address like a copy of the contract or letter from the Indian company, original certificate of the Indian address duly signed by the employer or by an authorised signatory of the employer mentioning the PAN number at the top of the letter head, Copy of the PAN card mentioned in the employer’s certificates.
- An applicant can provide an Indian address by proving a certificate of approval by a competent authority or if the competent authority issues documents about the same to the applicant.
- The entities which are registered outside the country as provide the address of their “Indian Tax consultant” as “care of”. This address will act as their address of communication.
- If the applicant provides a foreign address than courier charges will be charged. The Applicant is required to pay a total amount of Rupees 1020 at the time of applying for the PAN card.
- If the applicant provides his or her residential address in India then no fee is charged. In such cases, the card will be dispatched to the residential address even if the applicant has provided a foreign address as the address of communication.
- The town, city, district, PIN code, the ZIP code should be mentioned correctly.
The applicant should provide a valid e-mail id for communication
It is not mandatory for the applicant to provide the details of an RA. However, they have then the proof address and identity about the RA must be provided.
In case of foreign entities, they can give the address of their Indian tax consultant in form of care of address. In such cases, the applicant should provide their own name in the RA section.
The Indian Tax Consultant number should be mentioned in the first line of the address provided in the RA column.
Further, a certificate duly attested by the Indian High commission or consulate must be attached along with the application. The certificate should mention that the Indian tax consultant is authorized to receive notifications from the Income Tax department on behalf of the applicant.
Photographs and signature
The applicant is also required to provide two recent passports sized photographs. Further, the application must also be signed by the applicant or by the representative assessee.
Finally, after completing the application form, it must be duly attached with the required documents for proof of identity and proof of address.