As the latest Income Tax Department has changed the Format of Application of Pan Card Application Form 49A. Although the format of 49A is the same some column has incorporated in this New Pan Form. In this Form have new include the Annexure A, Annexure B and Annexure C For New Pan Card Application 49A. 

The New Pan Card Application Form 49A is given below as a Snap Shot. 

On October 18, 2017 by www.taxexcel.net

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Download Automated Pan Application Form 49A in Excel ( New Amended Format )

Knowingly or unknowingly, we all quote our PAN card number. We never consider or rethink whether quoting our PAN number for particular financial transactions is mandatory or what. However, IT Department made a list of such transactions where quoting PAN is mandatory. Let us see the list of those transactions.

Why quoting PAN number is mandatory?

It makes easy for IT Department to link an individual’s all transactions. By doing so, it will be easier of IT Department to track your investments, lending, financial transactions or any business activity.

Below is the list of such transactions where quoting PAN Number is mandatory.

• If the value of immovable property value is more than Rs.5 lakh or more, then whether it is buying or sell, at both the instances you have to quote the PAN number.
• During sale or purchase of motor vehicle (but not for two wheeler buying or selling).
• During the time of time deposit with banking company/post office where the such deposit is more than Rs.50, 000.
• In application where you are applying for telephone connection, including mobile connection.
• When you pay in cash to purchase DD, pay orders or banker’s cheques for an amount aggregating to Rs.50,000 or more during a day. Also during deposit in cash aggregating to Rs.50, 000 or more with a banking during any one day.
• During Sale or Purchase contract value of a security is more than Rs.1 lakh.
• During opening of bank account. In case of minor, father, mother or guardian PAN number is mandatory.
• If your hotel bill exceeds Rs.25, 000 at any one time.
• Payment in cash in relation to travel to a foreign country if the amount is exceeded Rs.25, 000. However, travel to foreign countries not included in Bangladesh, Bhutan, Maldives, Nepal, Pakistan or Sri Lanka or Travel to Saudi Arabia for Haj or travel to China on Pilgrimage to Kailash Mansarover.
• During submitting an application for Credit or Debit Card.
• While investing in Mutual Funds if the investable amount is Rs.50,000 or more.
• While buying shares, debentures, or bonds (including Reserve Bank Of India Bonds) of a company if the value is Rs.50, 000 or more.
• While paying an aggregate insurance premium of Rs.50, 000 or more.
• While purchasing bullion or jewellery of Rs.5 lakh or more
• Payment to a dealer of an amount of five lakh rupees or more at any one time.

What if you don’t have a PAN number, but entering into above said transactions?

If you don’t hold the PAN card, but entering into above said transactions, then you have to submit the Form No. 60 (Form 61 in case of a person having only agricultural income).

Who is responsible if you don’t quote the PAN number?

It is the responsibility of a person receiving document relating to the above said financial transactions. For example, in case of Mutual Fund investments, if the value of such investment is Rs.50, 000 or more, then it is the responsibility of Mutual Fund companies to get the correct PAN number of investors and quote the same in the application form.

On November 18, 2015 by www.taxexcel.net

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As per Income Tax Law, holding more than one PAN card is a criminal offense as per the Act.

A person cannot hold more than one PAN Card and we do not know the circumstances that may have led to a duplicate card. A penalty of Rs 10,000/- is liable to be imposed under section 272B of the Income-tax Act, 1961 for having more than one PAN.

Click here to download Automated Excel Based New Pan Card Application Form 49A

How to Cancel or Surrender PAN Card Online?

1.      Visit Income Tax Sparsh Site

2.     Provide your basic information such as Contact Number, Name, Last Name, DOB and father's name.

3.     Other details regarding additional Permanent Account Numbers that are to be surrendered.

4.     Note that one needs to be aware of all the PAN card numbers and details regarding the card.

5.     And one needs to mention the PAN card which needs to be retained.

Alternatively, you may fill and submit PAN Change Request application form by mentioning the PAN which you are using currently on top of the form. All other PAN/s inadvertently allotted to you should be mentioned at item no. 11 of the form and the corresponding PAN card copy/s should be submitted for cancellation along with the form.

Manual Method To Surrender The PAN Card

If an assessee wishes to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel or surrender your PAN. 

In the application you need to specify your name, contact details, PAN card details to be retained and details of the PAN card that has to be surrendered.

Maintain the receipt or acknowledgment of the application should be retained as that serves as the proof of surrender of duplicate PAN.

Make sure you have surrendered the duplicate copy of pan cards to avoid penalty from the tax department.

Why It's Important To Surrender Your Pan Card?

As mentioned earlier it is a criminal offense to hold more then two PAN Cards. It's best to have them surrendered. In case a lady has married she need not apply for another PAN Card because of change of surname. She can simply get her name changed on the PAN Card. 

Applying for another PAN Card after marriage would once again lead to duplicate cards which is not permitted. The procedure in this case is also not tedious and you can get in changed easily.

On August 05, 2015 by www.taxexcel.net

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As per Income Tax Law, holding more than one PAN card is a criminal offense as per the Act.

A person cannot hold more than one PAN Card and we do not know the circumstances that may have led to a duplicate card. A penalty of Rs 10,000/- is liable to be imposed under section 272B of the Income-tax Act, 1961 for having more than one PAN.

Click here to download Automated Excel Based New Pan Card Application Form 49A

How to Cancel or Surrender PAN Card Online?

1.      Visit Income Tax Sparsh Site

2.     Provide your basic information such as Contact Number, Name, Last Name, DOB and father's name.

3.     Other details regarding additional Permanent Account Numbers that are to be surrendered.

4.     Note that one needs to be aware of all the PAN card numbers and details regarding the card.

5.     And one needs to mention the PAN card which needs to be retained.

Alternatively, you may fill and submit PAN Change Request application form by mentioning the PAN which you are using currently on top of the form. All other PAN/s inadvertently allotted to you should be mentioned at item no. 11 of the form and the corresponding PAN card copy/s should be submitted for cancellation along with the form.

Manual Method To Surrender The PAN Card

If an assessee wishes to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel or surrender your PAN. 

In the application you need to specify your name, contact details, PAN card details to be retained and details of the PAN card that has to be surrendered.

Maintain the receipt or acknowledgment of the application should be retained as that serves as the proof of surrender of duplicate PAN.

Make sure you have surrendered the duplicate copy of pan cards to avoid penalty from the tax department.

Why It's Important To Surrender Your Pan Card?

As mentioned earlier it is a criminal offense to hold more then two PAN Cards. It's best to have them surrendered. In case a lady has married she need not apply for another PAN Card because of change of surname. She can simply get her name changed on the PAN Card. 

Applying for another PAN Card after marriage would once again lead to duplicate cards which is not permitted. The procedure in this case is also not tedious and you can get in changed easily.

On April 14, 2015 by www.taxexcel.net

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