If you are thinking of making a PAN card, then it is important to know the new rules related to April 1. Now major changes have been made in both the application and usage related to PAN, so that the process can be made clearer and stronger.
Changes in the rules for making PAN
Now while applying for PAN card, Aadhaar card alone will not suffice. Where earlier Aadhaar was enough, now along with it you will also have to provide additional documents related to age and identity, like birth certificate, voter ID, passport, driving license, 10th mark sheet or an affidavit issued by the magistrate.
Another big change is that now your name on the PAN card will be exactly the same as it is on the Aadhaar card. That means there should be no difference between the two. Apart from this, the government will also release new PAN application forms soon.
You can use the e-filing website of Protege e-Gov Technologies, UTI Infrastructure Technology and Services Limited and Income Tax Department to get a new PAN or update the details.
New rules related to use of PAN
Now the use of PAN in financial transactions has also changed. If there is a deposit or withdrawal of Rs 10 lakh or more in a bank in a year, then it will be necessary to give PAN. Earlier this rule was applicable on deposits of Rs 50,000 in a day. PAN will have to be given when buying a car only if the price is more than Rs 5 lakh.
Now it will be mandatory to provide PAN in insurance from the very beginning, irrespective of the premium. PAN will now be required for buying and selling property for deals above Rs 20 lakh (earlier it was Rs 10 lakh). PAN will have to be given on cash bills of more than Rs 1 lakh in hotels, restaurants or events (earlier the limit was Rs 50,000). Overall, these new rules have been brought to make the use of PAN more clear and easy as well as to keep an eye on large transactions.