PAN Application: Under the new rules, new forms have been introduced to replace the old Forms 49A and 49AA for PAN applications. Indian citizens and companies must now fill out Form 93, while foreign citizens and other entities are required to use Form 95.
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PAN Application: A major change in the rules related to PAN cards has come into effect, which will have a direct impact on every individual who pays taxes or engages in large-value transactions. The documents, forms, and other requirements necessary for obtaining a PAN card have now been revised. Obtaining a PAN card will no longer be as simple as it used to be, as the government has significantly tightened the identity verification process.
Revised PAN Application Forms
Under the new regulations, new forms have been introduced to replace the previous Forms 49A and 49AA for PAN applications. Indian citizens and companies are now required to fill out Form 93, whereas foreign citizens and other entities must utilize Form 95.
Aadhaar Alone Will No Longer Suffice
Previously, in many instances, a PAN card could be obtained solely on the basis of an Aadhaar card; however, this is no longer the case. According to the new regulations, applicants for a PAN card must now submit other necessary documents in addition to their Aadhaar card. Furthermore, the name printed on the PAN card must exactly match the name listed on the Aadhaar card. This means that no discrepancies or alterations to the name will be permitted henceforth.
Proof of Date of Birth Now Mandatory
Submitting proof of date of birth has now been made mandatory for obtaining a PAN card. Valid documents accepted for this purpose include a Birth Certificate, Voter ID, Class 10 Marksheet, Driving License, or Passport.
How to Apply?
To apply for a PAN card, you must visit the official websites of either NSDL or UTIITSL. On the website, you will need to select the appropriate form (Form 93 or 95), fill in your personal details, upload the required documents, and pay the applicable fee. Upon completion, you will receive an acknowledgment number, which you can use to track the status of your application.
Rules Related to Transactions Have Also Changed
Now, instead of a daily limit of ₹50,000, it will be mandatory to provide a PAN when depositing cash exceeding ₹10 lakh in a financial year. For the purchase or sale of a vehicle, a PAN will be required only if the value exceeds ₹5 lakh. A PAN must also be furnished for payments exceeding ₹1 lakh made at hotels or restaurants. In the case of property transactions, the PAN threshold limit may be raised from ₹10 lakh to ₹20 lakh. Changes to insurance-related regulations have also been proposed.
Why Were These Changes Introduced?
The government’s objective behind these regulations is to monitor financial transactions and curb tax evasion. By making the PAN mandatory, accurate records of income and expenditure can be maintained.
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