Knowing PAN card details are vital if you are a tax payer.
Do you know PAN card was started in India way back in 1990s.
Since then a lot of change has been carried out to its physical appearance and applicability.
PAN card has very important role as it bring a universal identification to all financial transaction and to prevent tax evasion.
Do you know who is required to obtain PAN card ? if not, read this article ‘who is require to obtain PAN card‘
If you are here to know the PAN card status or for PAN card verification then check this article ‘PAN Card Status‘
If you want to know some interesting facts/myths about PAN card details, then continue reading.
These myths are related to PAN verification, PAN status, apply PAN card online, uses of PAN card etc.
Some Myths About PAN Card Details:
If one can read and write English, online application of PAN card is easiest thing.
Just follow some simple steps for online application of PAN card and you will receive it in 20 to 25 days.
No need to take help of any expert or consultant.
The application and payment procedure is as simple as payment of your phone bills.
There is no connection between having PAN card and filing income tax return.
The filing of income tax return depends on income of person.
If the Gross total income exceeds the basic exempted amount, then only the income tax return need to be filed.
PAN card details contain only the unique number given to a person which forms his identity in the income tax department.
Obtaining PAN card does not compel a person to file income tax return.
This is absolutely incorrect information. There are some category of persons who need to obtain PAN card.
It is not at all compulsory to have a PAN card details.
One person may hold more than one PAN cards but all the PAN card must be identical.
Holding PAN card of same name with two different PAN number, by a person is illegal. If any person have lost his PAN card details he may apply for duplicate PAN card.
PAN card should be used for the purpose of income tax purpose only.
Many times we provide PAN card details or copy as identity proof to banks and other persons, which may be further used for wrong purposes like indulging in illegal/unauthorized financial transactions.
Like in recent incident PAN card details or copy used for Tatkal Railway Booking, were used by several jewelers. Jewelers used to collect the PAN information from the reservation chart pasted in train coaches and use it to furnish tax collected details while they sell jewellery of very high value to high-net worth persons who do not wish to produce their PAN.
If it is not possible to avoid giving PAN card details or copy, then you can write the any on face it, the purpose for which you are giving such copy. Like “ For applying credit card only”.
Only Rs. 106 is the fee of new PAN card. You can Pay by the same by net banking or credit/debit card, if you are applying online.
Many of consultants collect very high fee, so beware when you apply for new PAN card. Apply yourself, it is very easy.
Hope that the article added some value to your knowledge. Please share your thoughts through comments.