The Modi government will soon launch an online facility under which an applicant can get a PAN card within 48 hours of applying.
After making PAN Number mandatory for transactions exceeding Rs 1 lakh in a bid to curb black money, the government is planning to hold camps across the country on the lines of Jan Dhan Yojana to encourage people to take PAN cards.
Recently, the Central Board of Direct Taxes (CBDT), the apex policy-making body of the I-T Department, had issued a notification making the Elector’s Photo Identity Card (EPIC) and Aadhaar valid proofs of “date of birth” for obtaining a PAN card.
PAN (Permanent Account Number) is a 10-digit alphanumeric number, issued in the form of a laminated card by the Income Tax Department.
PAN is required for filing return of income, sale or purchase of any immovable property beyond a certain amount, and sale or purchase of a motor vehicle, among others.
The Finance Act 2015 proposes quoting PAN mandatory for buying jewellery valued at Rs 1 lakh or more. However, jewellery unions were up in arms asking government to exempt the sector from this law.
The government is also considering a proposal to allow farmers and illiterate people to use ration cards or bank account IDs to purchase jewellery over Rs one lakh as they did not have PAN cards.
If you have no PAN card and want to apply now online, then click here.