Know Eligibility Criteria for Applying for PAN Card

Any Indian who has a valid income source should apply for a PAN card. Having a PAN card is mandatory for individuals with income, especially those who fall under the tax bracket. It is a unique number of the account which is allotted to an individual. Any individual and even non-individuals who are generating income must have a PAN card.

Some activities where PAN card is necessary are: 

1. To open a new bank account.

2. It can be used anywhere as identity proof. 

3. To deposit an amount more than Rs. 50,000.

4. For filing the IT return.

5. For selling or purchasing any vehicle apart from two wheelers. 

6. Payment of over Rs. 50,000 for investment.

7. While applying for a credit card or loan.

8. To purchase jewelry.

In India, for all companies, individuals and even non-residents are required to have a PAN card if they are liable to pay tax. So, all assessees who are required to file a return for themselves or on behalf of others must have a PAN card. Also, there are various areas where providing PAN is mandatory; thus, to make those transactions or avail such services getting a PAN card is crucial. 

The application for a PAN card has to be submitted by using the Form 49A. Some essential eligibility criteria for applying the PAN card are:

1. HUF - An undivided Hindu family is considered as a separate entity; thus, PAN card can be applied on their name. It can be applied by the head of the family of the ‘Karta’, along with providing the proof of his identity, DOB, address proof, plus the name of fathers and the addresses of all the members of the HUF. The details have to be mentioned in an affidavit made by Karta. 

2. Individual - Each person who is an Indian citizen can get a PAN card after furnishing an Id proof, address proof and DOB proof. 

3. Partnership Firm: A copy of Partnership deed or the copy of registration which is issued by the Registrar of Firms needs to be submitted for obtaining a PAN card. 

4. Companies: PAN card for companies can be applied online by submitting the copy of Certificate of Registration which is issued by the Registrar of Companies. Thus, getting registration is compulsory before applying for the PAN. 

5. Minors: In case the nominee of a property is minor, PAN card is compulsory. Parents can submit the Form 49A on behalf of the child along with their own proofs and date of birth proof of the child. The aadhaar number of a minor must be quoted in the Form 49A.

6. Trusts: Trust deed and certificate of registration have to be furnished to by the Trusts to get a PAN card. 

Foreign individuals and entities can also apply for PAN card if they wish to do any financial transaction. They need to furnish a valid ID proof, address proof along with the Form 49AA. The proof can be passport/PIO card, CIN attested by Ministry of External Affairs or High Commission or Indian Embassy or the consulate of the native country of an individual/statement of bank account, etc.