Updated: IT looks like the Finance Ministry has put on hold the new norms. A statement from the Finance Ministry says that The Central Board of Direct Taxes (CBDT) has decided not to change the norms until new orders. No reasons were given by the Ministry either.
The new norms were to be put into action to eliminate the problem of fake and multiple cards.
Earlier…
Getting a new PAN card (Permanent Account Number) will be tougher from February 3rd, 2014 as there are new rules that need to be adhered to. The decision has been taken to combat the increasing number of fake cases of PAN card being discovered.
Contents
What is a PAN card & why is it necessary?
PAN card is a unique alphanumeric combination issued in the form of a laminated card.
A PAN number should look like this: AABPS1205E.
PAN card not only serves as an id proof, it also is mandatory for financial transactions such as for the few given below:
- Sale or purchase of any immovable property valued at five lakh rupees or more
- Sale or purchase of a motor vehicle or vehicle.
- A deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank.
- A contract of a value exceeding one lakh rupees for sale or purchase of securities.
- Opening a bank account.
- Payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time.
- Payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating fifty thousand rupees or more during any one day.
- Deposit in cash aggregating fifty thousand rupees or more with a bank during any one day.
- Deposit in cash aggregating fifty thousand rupees or more with a bank during any one day.
The 10 digit unique alpha numeric combination helps prevent tax evasion and keeps track of money transaction among high net worth individuals.
What are the new rules?
Official sources from the Finance Ministry says that to apply for a PAN card, a person will have to produce original documents of one’s Date of Birth and address proof to verify copy of documents submitted. Post verification, the original documents will be submitted to the applicant.
Earlier, an applicant needed to give only a photocopy of the documents required.
The Central Government’s ‘Know your Pan Card’ service helps verify and validate PAN cards, both new and old. Check the link here.
Why were the rules changed?
A consumer activist group had brought to light the fact that there was rampant misuse of PAN cards in the Indian Railways for Passenger Reservation under the Tatkal scheme. Also, it was discovered that jewelers were not furnishing information about buyers who did not provide PAN card details while buying bullion and that eventually results in both the parties evading tax.
Getting a PAN card is a necessity now as it is required in almost all financial transactions including buying property, investing in stocks, buying bullion, property, etc.
How will the new rules help?
It will be tougher to get a new PAN card. Period.
The fact that original documents needs to be furnished is a potential dampener for people who intend to apply for two or more PAN cards with which they evade tax.
You can apply for a PAN card here.
Instead of insisting on age proof they should make Pan bio metric like aadhar. Insisting on age proof for pan is not justified in a country like India. Here level of illiteracy is very high and awareness very low. I’ve seen people running from pillar to post to acquire Pan. By making pan bio metric it can easily be matched with aadhar. And pan cards are getting issued with a notarized affidavit. Then why insist on age proof at all. Wake up Govt India is yet to catch up with US & Europe where such things are in existence for many years. Practically India should wait for at least 20 years before making the process of acquiring such cards extremely stringent.
What is the purpose of asking people to produce age proof from people who are holding pan cards for more than 15 years. Even updating pan age proof which is the most difficult document to produce for some people. This is causing great hard ships to poor & giving rise to corruption.
Any person can easily validate the PAN Facts or Pancard Facts or Jurisdictional Assessing Specialist with the PAN Volume of appropriate man or woman plus the container info might be validate by means of Title connected with appropriate man or woman furthermore.
And for that reason, if you have PAN Zero., validate by means of PAN ABSOLUTELY NO. or maybe if you don’t get PAN Zero. on the appropriate man or woman, you possibly can validate by means of his / her name furthermore.
Anybody can furthermore cross punch validate the container info by means of both approaches by means of PAN amount and Title on the pancard owner.
Also 3 rd parties may also validate the PAN info or details to understand the genuiness on the appropriate man or woman with which he is going to make monetary deals plus the info will be offered to general public.
What about the old age people who don’t have PAN card/ Do they need PAN card for withdrawing money from govt. offices like PO etc. or their is an alternative for PAN?
Wow this is a disaster in the making! Will the government setup offices like Passport offices to issue PAN cards now? Why can’t they link up say to a Passport or Aadhar card instead of having multiple cards for multiple purposes.
Smitesh Kishor Kadam,
16/Room No-8,Narayan Shivaji Chawl,
Opp. Premier Theatre,Dr. B. Ambedkar
Road,Parel-E,Mumbai-400012.
Mob-+919987909876.
To,
UPA Chairperson Mrs. Soniya Gandhi Ji
& MP Mr. Rahul Gandhi Ji,
Sub-Consumer’s Dissatisfaction by Income Tax Department.
Respected Sir / Madam,
I, Smitesh Kadam, a Social Activist / Youth Member of Your NIC or A Representative of Indian Citizens/Consumers or MOSTLY of “A COMMON MAN” wanted to Tell You that Central Board of Direct Taxes(CBDT),Delhi vide its Notification no.-96 dated 23rd Dec 2013 Has made Dissatifaction and Anger in the Ordinary Common People (Especially Senior Citizens, Married Womans & Youth Childrens From 18 Years),Because Many Government and Non-Government Sectors are Asking First For PAN Card Only as his/her Initial ID Proof….
For More Details Visit the Websites To Search this New Lists of Documents which is Full of Drawbacks but Before the New Laws It was Very Reliable and Perfect for the Consumer’s Sake.Please Read Point to Point Each Words of my Behind Attached Letters & Documents.
We,the Youths also Want these New Lists of Documents But Without Replacing the Older Lists and Older Rules,in Which There Was No Need of Proof of Birth,But the Ration Card only can be OK for availing PAN,because the Children Comes to the Age of 18 years,He/She Can Only Give the Ration Card as an initial proof of address and Cannot give
Any Govt. ID proofs,as PAN card Only Becomes the Initial proof of Govt. ID. But Central Board of Direct Taxes (CBDT),Delhi are Putting the Passport Offices Rules for PAN Card making which is the Burden on the People Especially on Senior Citizens / Illiterate Peoples, Married Womans & Young Childrens on the Completion of his/her 18 Years (who initially made his/her ID Proof as PAN card only) .
For These All We can’t Put the Letter to the Consumer Redressal Forum / Court also,as their also Advocates in the form of Agents / Dalals are making Money & there is No Simple Procedure of Filing Complaints also because they are Demanding More Things in their Format Only,But don’t/didn’t accept the Simple Letters from Any Applicant.
This Will happen in PAN card Making Also as the ITD Is Demanding Affidavit Sworn Before Magistrate For Birth Date Proof from the Applicants who don’t Have DOB Proofs & this Will make More Burden on those People Who are Illiterate / Senior Citizens / Poors / Villagers / Persons Affected by Natural or Un-Natural Calamities like Fire,Floods,Damages,etc. (who Don’t Even Have their Any of the Proofs only) with Charges of PAN Card Rs.105 and the Other Charges to Be Paid to the Courts,Advocates,Agents,etc. which is Only Applied for Making PASSPORT Application.This will Be the Burden of the Extra Charges on the Applicants,Mostly on the Poorer People only..
So Only this New Rule for Proof of Birth Should be Set Aside and Only Being Needed for the Correction Purpose Only…
Thanking You,
Smitesh Kadam,
+919987909876
C.C. To,
(1)The Director
General of Income Tax,
Administration,5th Flr,Mayur Bhawan,
Connaught Circus,New Delhi-110001.
(2)The Registrar General,High Court,Mumbai-400032.
(3)The Registrar,Supreme Court of India,
Tilak Marg,New Delhi-110201.