To avail of a new PAN card, you need not wait to fill up an application and then it gets processed in a few days.
The Income Tax department has already launched a new facility where anyone who already has an Aadhaar card will instantly get a PAN card online within a few minutes.
A Permanent Account Number (PAN) is issued instantly in just 10 minutes in PDF format to the applicant and the e-PAN is as good as a physical copy.
To get a PAN card, one needs to go to the file e-filing portal and click on the Instant PAN through Aadhaar and then select Get New PAN.
You will be asked for an Aadhaar number and an OTP will be sent to the registered mobile number.
After the validation of OTP, e-PAN will be issued to you.
PAN Card is an essential document and therefore it is required in these five tasks:
Real Estate purchase- If you are planning to buy an immovable property that is Rs 5 lakh or above, then it will be mandatory for you to provide an Aadhaar card.
Credit Card- It is mandatory to give a PAN card in any post office savings account and it is also given for credit card and debit card applications.
Insurance Premium- If you deposit life insurance premium today, and the amount is more than Rs 50,000, then PAN card is required.
Transactions above Rs 50,000- If you are filing an income tax return, then it is important that you link PAN card and Aadhaar card both.
PAN card is also needed for a cash purchase of bank draft, pay orders or bankers cheque of Rs 50,000 or above in a day.
For TD or FD- If you buy any securities or any mutual fund units worth more than Rs 1 lakh, then PAN card is mandatory.