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Key Highlights
- PAN card verification is essential as it enables you to execute financial transactions and file for taxes in India.
- You can find out if your PAN card is still active or not by visiting the official Income Tax Department's website .
- If your PAN card is deactivated, you will not be able to open a new bank account, apply for the issue of a credit or debit card, open a Demat account, or execute payments in cash exceeding ₹50,000.
The PAN card verification process is essential to check if your PAN card is still active or not. According to Indian law, an individual cannot hold more than one PAN card. The verification process is important as it helps in preventing certain instances, such as more than one PAN card issued in your name due to an error.The Income Tax Department of India holds the right to deactivate your PAN card in cases of duplication or if they identify that your PAN card is issued by providing false information.In this blog, you will learn how to carry out PAN card verification and what should you do if your PAN card has been deactivated.
How To Execute the PAN Card Verification Process
You can follow the steps mentioned below to verify and find out whether your PAN card is still active or not:
- Step 1: Visit the official website of the Income Tax department.
- Step 2: Choose the 'Know your PAN' option on the left side of the homepage.
- Step 3: Fill in the necessary details, such as your PAN, name, age, gender, date of birth, registered mobile number; and then click on 'Submit'.
- Step 4: If you have more than one PAN card issued on your name, a notice will be displayed on the screen.
- Step 5: An OTP (one time password) will be sent on your registered mobile number. Enter the OTP and click on the ‘Validate’ button.
- Step 6: Next, your PAN card status will be displayed.
What Happens if Your PAN Card is Deactivated?
If your PAN card is found to be deactivated during the PAN card verification process, here's what you can expect:
- Inability to Open a Bank Account : You will not be able to open an account (except a basic savings bank deposit account) with a banking company or a cooperative bank.
- No Access to Credit/Debit Cards : You will not be able to apply for the issue of a credit or debit card.
- Limited Cash Payments : You will not be able to perform cash payments exceeding ₹50,000 for daily expenses, purchasing a foreign currency, purchase of mutual fund units, acquiring bonds or debentures, etc.
- Limited Bank Deposit Amount : You will not be able to make deposits of cash of more than ₹50,000 in one day with a bank.
- Limit on Insurance Premium Payment Amount : You will not be able to make a payment of an amount aggregating to more than ₹50,000 in a financial year as a life insurance premium to an insurer.
- Limit on Securities Transactions : You will not be able to sell or purchase securities (other than shares) exceeding ₹1 lakh per transaction.
- Higher Applicable Tax : A higher tax will be deducted in the following circumstances if your PAN is deactivated:
What to Do If Your PAN is Deactivated?
If your PAN card is deactivated by the Income Tax Department, you will need to draft a letter requesting to activate your PAN card and send it to your jurisdictional Assessing Officer (AO) in the Income Tax Department.Attach the following documents along with the letter:
- Copy of the PAN card used to file your income tax returns
- Indemnity bond in favour of the Income Tax department
- Copy of income tax returns filed in the previous three years from the deactivated PAN
Note : It will take around 10 to 15 days for the IT department to reactivate your PAN once your request is submitted. Also Read: List of Documents Needed for PAN Card Application
Understanding the Importance of the PAN Card Verification Process
The Income Tax Department of India has made provisions where you can easily conduct the PAN card verification process whenever you want. It is also essential to carry out PAN card verification and ensure its validity from time to time as it enables you to continue your financial transactions seamlessly.You can follow the steps outlined in this blog to perform the PAN card verification process. Always remember to carefully fill in your accurate details while doing so. Also Read: A Step-by-Step Guide to Apply for a PAN Card Online
FAQS - FREQUENTLY ASKED QUESTIONS
Why should I check if my PAN card is active or not?
An inactive PAN card can hinder your financial transactions. You may be unable to open a bank account and file income tax returns. This is why PAN card verification is important.
How to carry out PAN card verification?
You can carry out PAN card verification by visiting the official Income Tax Department's website.
Do I need to renew my PAN card for PAN card verification?
A PAN card is valid for the lifetime of the holder and you do not need to renew it after it is issued.
Is it possible to apply for a new PAN and cancel an existing one?
No, it is not possible to withdraw a PAN application and submit a new one.
What all information do I need for PAN card verification online?
To conduct PAN card verification online, you will need to provide your PAN, name, and registered mobile number.
What should I do if my PAN card is inactive?
If your PAN card is inactive, you should contact the Income Tax Department to resolve the issue.
How long does it take to reactivate a PAN card?
The time taken to reactivate a PAN card depends on the nature of the issue and can take a few weeks.
Why is PAN card verification done?
PAN card verification is done to check if your PAN card details are valid, deactivated, or deleted. It will also tell you if your PAN details are missing or duplicated in the Income Tax Department's database.
What happens if I find out my PAN is inoperative during PAN card verification?
If your PAN card is found to be inoperative during PAN card verification, you will not be able to open a bank account, apply for the issue of a credit or debit card, or perform payments in cash exceeding ₹50,000 for various purposes.
Can I execute PAN card verification online?
Yes, you can execute PAN card verification by visiting the official Income Tax Department's website.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
