PAN Card Basics - Complete Guide

PAN card is mandatory for: 1) All taxpayers (individuals, companies, firms), 2) Anyone with taxable income, 3) Anyone conducting financial transactions above ₹50,000, 4) Property buyers/sellers, 5) Vehicle purchasers, 6) Investors in stocks/mutual funds, 7) Credit card applicants, 8) Loan applicants, 9) Foreign travelers with tour packages above ₹2 lakhs, 10) Bank account holders (though not mandatory for basic accounts). Even if you don't have taxable income, having PAN is advisable for financial activities.

PAN and Aadhaar are different: PAN (Permanent Account Number) is for financial transactions and tax purposes issued by Income Tax Department. Aadhaar is for identity verification issued by UIDAI. PAN is 10-digit alphanumeric, Aadhaar is 12-digit numeric. PAN tracks financial activities, Aadhaar establishes identity. PAN mandatory for taxpayers, Aadhaar for residents. Both need to be linked for tax purposes. PAN can be used as identity proof but Aadhaar is more widely accepted.

No, having more than one PAN card is illegal. According to Income Tax Act, one person can have only one PAN. If you accidentally have multiple PANs, you should immediately surrender the extra ones. Penalty for multiple PANs can be up to ₹10,000. You should apply for PAN correction if you have multiple cards. Always check if you have multiple PANs by verifying on Income Tax Department website. Use Form 49A for correction/surrender of duplicate PAN.

Yes, PAN card is valid for lifetime. Once issued, it never expires. However, PAN can become inoperative if not linked with Aadhaar as per government rules. Also, if there are changes in personal details (name, address, etc.), you need to update PAN information. Physical PAN card may get damaged or lost, but the PAN number remains valid. You can get duplicate PAN card if original is lost. PAN remains valid even if you become NRI or move abroad.

Documents required for PAN card: 1) Identity proof (Aadhaar, passport, voter ID, driving license), 2) Address proof (Aadhaar, passport, voter ID, utility bills), 3) Date of birth proof (birth certificate, school certificate, passport), 4) Passport size photograph. For companies/firms: Registration certificate, partnership deed, etc. Documents can be submitted online as scanned copies. For physical application, self-attested copies are required. No original documents need to be submitted.