Change in PAN Card Details: Things to know
Listen to this Article
The permanent account number (PAN) has to be quoted in the income tax returns and for various financial transactions, such as investments, and purchase/sale of property. As such it should be updated at all times. In case of an error in the photo or signature mismatch, the holder must ensure that a new, revised card bearing the same number is issued with the changes.
Application form The applicants have to fill the online ‘Request for new PAN card and/or changes or correction in PAN data form’ on the NSDL website ( www.tin-nsdl.com ). The holder must check the box on the left where the change/correction is required.
Acknowledgement:
An acknowledgement screen will be displayed on submission, which the applicant must save, print and sign. The applicant must affix two colour photographs on this.
Documents:
It is mandatory to provide identity and address proofs with the change request. Any changes or corrections in the card details should be supported by relevant documents, as required by the income tax rules.
Fee:
The fee for processing the change request is Rs 85, besides the applicable service tax. It can be paid through demand draft, cheque, credit/debit card or via Net banking.
Points to note
> If one loses a PAN card and is applying for a new one, all the columns in the application form must be filled without ticking any box in the left margin. A copy of an FIR must also be submitted along with the form.
> The acknowledgement, payment and documents should reach NSDL within 15 days of filing the online application.
Category : Income Tax | Comments : 0 | Hits : 1596
Selling property in India? You're probably worried about the capital gains tax bill that comes with it. Here's some good news—both the old and new tax regimes offer you ways to save big on taxes if you reinvest your sale money in a residential house. Let me break down Section 54F (from the old Income Tax Act 1961) and Section 86 (from the new Income Tax Bill 2025) in simple words, so you can understand which rules apply to you and how to make the most of them. What's the Big...
Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, the cumulative amount beyond the threshold triggers scrutiny. Fixed Deposits: Surpassing the Rs 10-lakh limit in fixed deposits within a financial year prompts inquiries regarding the source of f...
Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed. Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement. "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...
Payments to MSME vendors
Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...
In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit. An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...


Comments