The ten digit alphanumeric number allotted by the Income Tax Department of India as a permanent number for stating financial transactions is called a PAN. The PAN is used to track the person in the database.
The pan card has been made mandatory by the Income Tax Department. The PAN has to be mentioned when anyone is making a deposit of more than Rs. 50000 in any bank. Pan card is necessary when using a demat account. Any person who wishes to do a financial transaction would need a PAN.
More than one PAN application centres has been setup by UTITSL in various city and towns to collect pan card applications and to make the pan application process simpler.
NSDL also has the authority to collect pan card applications and to provide other pan related services. NSDL provides its services through TIN. UTIISL and NSDL charge you 94/- Rs, but if you are an NRI it would cost you Rs. 744 + service tax.
For upgrading your existing old pan card to a new card which is tamper proof and has security features like hologram, Ultraviolet line. It also has a coloured photograph of the card holder.
For obtaining the new glossy looking, tamper proof card we will have to apply in the “Request For New PAN Card And Changes In PAN Data” form and submit it in the IT PAN Service Centre / TIN Facilitation Centre in our city or town.
Also the existing PAN has to be mentioned and old PAN card should be surrendered.
Once done, the new card will be received in a maximum of 15 to 30 days time.