PAN (Permanent Account Number) is an essential document for every individual and entity in India. It serves as a unique identification number and helps in tracking financial transactions. With the growing importance of PAN, the Government of India introduced e-PAN, which allows individuals to download their PAN card online.
However, after applying for a PAN, individuals often face difficulty in understanding the status of their PAN application. PAN status refers to the current stage of the application process, which can be checked online. In this article, we will decode PAN status and understand the different statuses and their meanings.
What is PAN Status?
PAN status signifies the current stage of an individual’s PAN application within the application process. Applicants can conveniently check their PAN status online by visiting the official website of the Income Tax Department. This process facilitates individuals in tracking the progress of their application and estimating when they will receive their PAN card. Moreover, for those who have opted for e PAN download, monitoring the PAN status online is crucial to ascertain the readiness of their digital PAN card for download.
Different PAN Statuses and their Meanings
Applied for PAN:
When an individual applies for a PAN card, the first status is ‘Applied for PAN.’ This status means that the application has been submitted successfully, and the authorities have received it. However, this status does not provide any information about the processing time or expected delivery date.
Under Process:
The next status of the PAN application is ‘Under Process.’ This status indicates that the authorities are verifying the information provided in the application. The IT department checks the authenticity of the documents submitted along with the application. Depending on the complexity of the application, the time taken to process it can vary from a few days to several weeks.
If an applicant has not received any update on the application status for an extended period, they can contact the Income Tax Department’s customer care to inquire about the delay.
Discrepancy in Application Form:
Sometimes, the IT department may find discrepancies in the application form, which results in the status being updated as ‘Discrepancy in Application Form.’ This status reflects that there are some errors or inconsistencies in the details provided by the applicant.
In such cases, the authorities mark the application for manual verification. The applicant may receive an email or SMS requesting additional information to resolve the discrepancies. It is advisable to respond immediately to these queries to prevent further delays in the application process.
Your Application is Held for Processing:
The status ‘Your application is held for processing’ means that there is a delay in processing the application due to certain reasons. This status usually occurs when the IT department receives a high number of applications simultaneously, leading to a delay in processing time.
It is essential to note that the delay might also be caused by discrepancies in the application, which need to be resolved before the IT department can process the application.
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Dispatched:
The status ‘Dispatched’ indicates that the IT department has approved the PAN application, printed the PAN card, and dispatched it to the address provided by the applicant. The applicant should receive the PAN card within 15-20 days from the date it is dispatched.
If the applicant does not receive the PAN card within the stipulated time, they can contact the IT department’s customer care and provide the dispatch details for an update on the delivery status.
Uses of PAN Card:
Apart from serving as a unique identification number, the PAN card has numerous uses.
In the Banking sector:
Banks require individuals to provide their PAN details while opening an account or performing financial transactions. PAN helps banks monitor the financial transactions of their customers for compliance with tax laws.
In the Income Tax Department:
The PAN details are required to file income tax returns and pay taxes. The PAN helps the IT department monitor the financial transactions of individuals and entities to ensure tax compliance.
In Investments:
PAN details are mandatory for investments in mutual funds, shares, and other financial instruments. It helps in tracking the investments and calculating the taxes on the returns.
In Property Transactions:
PAN details are required for property transactions, including buying, selling, or renting. The government uses the PAN details to monitor the sale and purchase of immovable property and to curb black money transactions.
e-PAN Download Process:
The government has introduced e-PAN, which allows individuals to download their PAN card online. This process is quick, hassle-free, and time-saving.
Steps involved in e-PAN Download:
Step 1: Visit the official website of the Income Tax Department and click on the ‘Instant e-PAN’ link.
Step 2: Enter the individual’s details, including Aadhaar number, full name, and date of birth.
Step 3: The system will verify the details with the Aadhaar database, and the applicant will receive an OTP (One Time Password) on their registered mobile number.
Step 4: Enter the OTP in the space provided and click on the ‘Submit’ button.
Step 5: The system will verify the OTP and Aadhaar details and generate an e-PAN card. The applicant can download the e-PAN card in PDF format.
Benefits of e-PAN:
Convenience:
The e-PAN download process is quick, hassle-free, and can be done from the comfort of one’s home or office.
Eliminates the need for a Physical PAN Card:
The e-PAN serves as a digital card that can be used for all financial transactions. The physical PAN card is still required for property transactions, but the e-PAN eliminates the need to carry the physical PAN card.
Environment Friendly:
The e-PAN eliminates the need for printing and shipping physical PAN cards, thus reducing paper usage and carbon footprint.
Conclusion:
In conclusion, it is essential to understand the different PAN statuses and their meanings to estimate the processing time for the application. Applicants can check their PAN status online and track the progress of their application.
The government has introduced e-PAN to simplify the application process and eliminate the need for a physical PAN card. The e-PAN download process is quick, efficient, and environmentally friendly.
PAN serves as a unique identification number that is mandatory for financial transactions, tax compliance, investments, and property transactions. It is essential to ensure that all the PAN details are correct and up-to-date to avoid delays in processing financial transactions and complying with tax laws.
