A Permanent Account Number (PAN) card is required to perform any type of financial transaction in the modern economy. Your Personal Identification Number (PAN) must be presented for verification if the value of a transaction exceeds the limit, regardless of whether you are creating a bank account or buying gold. Banking institutions and insurance firms often require PAN cards for financial transactions. As a result, this online PAN verification facility has been made available to you. Even if you are verifying the PAN card for someone else, you are obliged to keep all the necessary information of that person available online. This is the case even if you are doing it on their behalf.
PAN verification will be provided by the online service NSDL E-Government Infrastructure Limited, which is permitted by the Income Tax Department.
Here’s How You Can Verify Your PAN Online
The information pertaining to your Permanent Account Number (PAN) is a way for businesses to learn more about your identity and is obtained from a very reliable source, the Department of Government of India. There is the income tax. Your date of birth, as well as your father’s name and a sample signature, are all included in your PAN card.
As a result, having a PAN card makes it easier for businesses to verify this information from a trusted source. Appropriate identification checks are often conducted by these businesses to prevent applicants from imitating dummy candidates.
Another possible reason employers require a copy of your PAN card is that, if you are placed in the position for which you were interviewed, the employer will pay your salary, TA / DA, or credit. You will need your PAN data to do this. Any Other Privileges According to the regulations governing the administration of domestic revenue, income tax must be withheld from any kind of compensation that is paid to an individual.
There are situations when the corporation may ask for the PAN card of the person who owns your home. If you want to claim an HRA rebate on TDS which is taken from your salary, you will need to provide it. If the annual rent exceeds Rs. 1,000,000, the Income Tax Department has 2013 made it mandatory for the owner to submit a Permanent Account Number (PAN). Under the Income Tax Act 1961, 10 (13A), unless you are a salaried person who receives HRA before the employer, you can get a tax deduction.
There Are Three Different Ways To Verify PAN
- Verification is done through the screen.
- Authentication based on both files and screens
- Verification is done using software (via API)
Screen-based PAN authentication allows users to enter a maximum of five PANs on the screen that appear after their successful login. . The answer which includes all the relevant information related to PAN will be displayed on the answer screen.
File- and Screen-Based PEN Verification: After logging in, users are allowed to upload files containing up to 1000 PAN (file structure as defined by the portals). Within 24 hours, the website will provide a reply file containing information about the PAN which is currently accessible. If the file format is incorrect, the sender will be notified of the rejection within 24 hours. Individuals have the ability to access the reply for 15 days at their discretion.
Verification of Personal Identification Number (PAN) using software (API): This feature is actually an interface that allows the applicant to go to the PAN verification site and verify PAN online using the software application. ۔
Where can I check my PAN card online? PAN cardholders can now verify their PAN card online, eliminating the need to travel to the local income tax office. To do so, they just need to follow the procedure below:
- Visit the e-filing portal for your income tax return, and sign in to your e-filing account there. 2. After selecting profile settings, go to the My Profile tab to check your profile details.
- In this section, you will be asked to provide your personal information, such as your full name, date of birth, and Personal Identification Number (PAN).
- At this point, you will be asked to specify the purpose of your PAN cards, such as whether they were obtained for an individual, company, HUF, etc.
- After that, you need to complete the captcha that appears on the site and then select the submission option.
- After that, your PAN card will appear with the current status of your PAN verification.
We hope you now know the importance of PAN authentication and how you can do it easily. Nowadays, PAN verification has become really necessary in India.