Question: What Do You Do If You Don’T Have A PAN Card?

Can I deposit 2 lakhs in my account?

Here customer should note that, deposits of up to Rs 2 lakh is free per account per month in home branches.

However, cash deposit up to Rs 25,000 per day can be deposited in non-home branch, but beyond this limit there is Rs 5 per thousand charged subject to minimum Rs 150..

What is the last date for linking Aadhaar with pan?

The last date for PAN-Aadhaar linking has been extended by the government. As per the notification, the PAN Card-Aadhaar Card linking last date has been extended till March 31, 2021. The previous deadline for linking PAN and Aadhaar was June 30, 2020.

Can I get PAN card in 2 days?

The Permanent Account Number (PAN) is a vital proof of identity. … Still, the applicant can still obtain a PAN card in just 2 days time by applying for it on the NSDL website. You too can apply for a PAN card by filling up an application in Form 49A or Form 49AA.

What is the maximum age for PAN card?

18 years oldStudents can apply for a PAN card as long as they are above 18 years of age. In case you are a minor (younger than 18 years old), your parents can apply for the PAN card on your behalf. There is no maximum age limit for application of PAN card. You can be of any age and still apply for a PAN card.

What are the requirements for a PAN card?

Documents Required for PAN Card Application by HUFs and Individuals (Being Citizens of India)Voter’s ID card.Passport.Aadhar card.Ration card having Applicant’s photo.Driving License.Photo ID card which are issued by central government, state government or any undertaking of public sector​More items…•

When pan is made mandatory?

​​​PAN is to be obtained by following persons: Every person if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds the maximum amount which is not chargeable to tax. A charitable trust who is required to furnish return under Section 139(4A)

Can I deposit 50 lakhs in my account?

Deposits in Current Accounts : Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities.

Why is Pan mandatory?

It also serves as an identity proof. PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and more. … The PAN number remains unaffected by change of address throughout India.

Can I deposit 7 lakhs in my account?

Yes, you can deposit any amount in your account, but the depositing more than 2.5 lakhs will be under Income Tax Radar.

The government in the Union Budget 2017 had introduced a law making it mandatory for every individual having a PAN to link with their Aadhaar number. Here are different ways to link the same. The last date to link PAN with Aadhaar is March 31, 2021.

Linking your PAN card with Aadhaar is compulsory if you want to file your income tax return. Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and is eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities.

Can a 17 year old apply for PAN card?

A minor cannot apply for PAN card herself directly. Parents, guardians or a representative assessee has to apply on her behalf. … The PAN card will be issued within 15-20 days from the date of application. Once a minor turns 18 years, you can update the PAN with the child’s photograph and signature.

Can I get salary without PAN card?

Employer may cut 20% tax from your salary on not sharing PAN, Aadhaar. The new norm will be applicable to employees whose salary is above the threshold of Rs 2.5 lakh a year. Furnishing of PAN or Aadhaar number is mandatory for the employees in case of receipt of any sum or income or amount, on which tax is deductible.

Is it mandatory to have PAN card?

Aadhaar will also do. NEW DELHI : Issued by the income tax department through the UTI or NSDL, Permanent Account Number (PAN) card remains valid for your lifetime even if you change your address. In case you do not hold PAN card, you will have to sign Form 60 declaration. …

Who must have a PAN?

All existing assessees or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.

If your PAN is not linked with Aadhaar by the current deadline of March 31, 2020, then the PAN will become inoperative. An individual having an inoperative PAN will not be able to conduct financial transactions wherever quoting it is mandatory. … Using a non-operative PAN is the same as not having a PAN.

Can I deposit 3 lakh to a savings account without having a PAN card?

NEW DELHI: The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting the PAN. Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction.