Manage Money

PAN

PAN (Permanent Account Number) is considered to be one of the most relevant documents for the taxpayers nationwide. It is imperative to own a Permanent Account Number if someone wishes to categorize their financial transactions in a systematic way. The PAN system has simplified the taxation system of the country by providing a streamlined solution for tax payment. PAN system in India is similar to the Social Security Number system (SSN) in the US which was primarily used to track the citizen’s transactions for security purposes but has been recently considered as a required document for filing tax returns. Once issued, a PAN card’s validity extends through a lifetime.

NSDL

The Income Tax Department has evolved over the years. One of the major technical leaps by the Indian income tax department is the development of Tax Information Network(TIN) which is an online portal for filing of taxes and has several other features which segregate all the features of the taxation system electronically. TIN helps in processing, collecting and accounting of direct taxes online. The Income Tax Department along with NSDL e-Governance Infrastructure Limited maintain and handle TIN.

Online Services provided by NSDL

  1. Tax
  2. PAN Card
  3. E-TDS/ E-TCS
  4. Annual Information Return
  5. AIN Registration

Secondary Online Services provided by NSDL

  1. E-Payment of taxes
  2. Status of tax refunds
  3. Online NSDL PAN card verification
  4. E-Return intermediary

Offline facilities offered by TIN NSDL

Finding the TIN Facilitation Center in the locality: These Facilitation Centers are present all over the country and they help in filing physical TDS/TCS applications, process PAN and TAN application. An individual can search for Facilitation Center nearby by entering the details of the state and the city on the TIN NSDL website.

Facilities provided by NSDL e-Governance

  1. E-Governance solutions
  2. IT Consulting
  3. System Integration Solutions
  4. Business process re-engineering
  5. Data center colocation
  6. Solution architecture

Major projects implemented by NSDL e-Governance

NSDL implemented a number of major projects since its conception. Some of the main projects undertaken by the NSDL are -

  1. Tax Information Network
  2. Unique Identification Number/Aadhar Registration
  3. Aadhar authentication
  4. Goods and Services Tax (GST)
  5. Central Recordkeeping agency
  6. Excise and Service Tax

UTIITSL

UTIITSL refers to UTI Infrastructure and Technology Services Limited. It was conceived in 1993 and is useful for companies/individuals investing in UTI schemes. It is the biggest financial service provider in India since it provides technology and outsourcing services to the financial and government sectors in India. The Income Tax Department of India has assigned the management of PAN application process and PAN delivering process to UTIITSL.

PAN services provided by UTIITSL

The Income Tax Department of India has entrusted UTIITSL with providing and maintaining the services link with PAN to Indian citizens and NRIs.

The PAN services provided by UTIITSL are-

  1. Apply for PAN card
  2. Apply for changes and correction in PAN
  3. Track your PAN card
  4. Verify your PAN details
  5. Identify TIN Facilitation Centers/PAN Centers

How to apply for PAN through UTIITSL website

  1. Visit UTIITSL homepage
  2. On the menu-bar, click on ‘Services’
  3. Select the first option on the drop-down menu, i.e, PAN Card
  4. In the list of services, select ‘Apply PAN Card’
  5. You’ll be redirected to UTIITSL PAN Card Online Portal
  6. Select whether you want to apply as an Indian citizen or a foreign citizen
  7. If you are an Indian citizen, then apply for a new PAN card by filling up form 49A online or by downloading the form in pdf format and filling it up manually

OR, if you’re a foreign citizen then you can apply for PAN by filling up the form 49AA from the UTIITSL online portal or by downloading the form (49AA) in pdf format and filling it up manually

  1. Follow the guidelines on how to submit PAN application and how to make payment online here   
  2. After successfully making the payment of 110 (for Indian citizens) and 1020 (for foreign nationals) via Debit Card/Credit Card/Net banking, you’ll need to either ‘Save’ the application form or take a print-out of the same
  3. Sign on the application form, wherever it’s mentioned
  4. Submit the signed PAN application form attached with passport-sized photographs along with the payment-slip
  5. Send the completed PAN application to the nearest UTIITSL center

Applicants can send their PAN applications to the following addresses-

  1. PAN PDC Incharge - Mumbai region UTI Infrastructure Technology And Services Limited Plot No. 3, Sector 11, CBD Belapur Navi Mumbai - 400614 Phone: (022) 67931300

  2. PAN PDC Incharge - New Delhi region UTI Infrastructure Technology And Services Limited 1/28 Sunlight Building, Asaf Ali Road New Delhi - 110002 Phone: (011) 23211262/23211273-23211274

  3. PAN PDC Incharge - Chennai region UTI Infrastructure Technology and Services Limited D-1, First Floor, Thiru -Vi-Ka Industrial Estate, Guindy Chennai - 600032. Phone: 044-22500426/044-22500183

  4. PAN PDC Incharge - Kolkata region UTI Infrastructure Technology And Services Limited 29, N. S. Road, Ground Floor Opp. Gilander House and Standard Chartered Bank Kolkata - 700001 Phone: (033) 22108959 / 22424774

ITBA-PAN

High level of black money circulation is a hurdle to any growing economy. In order to curb the problem, the income tax department developed ITBA-PAN (Income tax business application-Permanent Account Number), which is a software used to analyze the transactions throughout the country to minimize black money trail. The ITBA-PAN software helps the Income Tax Department to keep a track of all the financial transactions of the PAN-owners throughout the country. It also helps the ITD and its subsidiaries like UTIITSL and NSDL to provide a new PAN to an individual within 48 hours.

Benefits of ITBA-PAN

  1. The ITD can access information regarding the financial transaction of an individual using ITBA-PAN. When an investigation is going on regarding the unusual financial transactions of a taxpayer, ITBA-PAN can be used to gather information like liquidation, merger, death, acquisition etc linked with that particular individual
  2. If an individual wishes to de-activate his/her PAN account, then they can use the ITBA-PAN portal to do so
  3. If an individual wishes to re-activate a falsely deleted PAN account, they can use ITBA-PAN portal
  4. Duplicate PAN can be identified
  5. When an individual’s PAN needs to be transferred to a different location, ITBA-PAN software is very useful

PAN-KYC Status

KYC or Know Your Customer is based on the directives provided by the Reserve Bank of India. It is a system to keep a track of the financial transactions of an individual and is majorly used as a tool to prevent tax evasion. Since it is used for tracking the money trails of an individual, it could also be helpful in preventing money laundering, online identity theft or any other financial fraud which is inflicted electronically.

Role of PAN in KYC

The 10-digit alphanumeric sequence, i.e, PAN is considered to be one of the major systems used for keeping track of an individual’s finances, it is important to link PAN with KYC in order to get an overall view of the financial status of that person. PAN acts as a proof of identity of an individual, hence, one of the main documents that are required to verify the KYC process is PAN.

Steps to check KYC status

Login to Central Depository Services (India) webpage

  1. Enter your PAN details
  2. After the KYC verification is done, the status will be shown as ‘MF verified by CVLMF’
  3. In case KYC isn’t verified, the status is shown as ‘Pending’
  4. A print-out of the page needs to be taken
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