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In the present digital age, having a PAN Card is essential for every individual. The PAN Card services are made available by the Indian government on various platforms such as National Securities Depository Limited and UTI Infrastructure Technology and Services Limited. The PAN Card can be useful for various financial and other transactions in India.
It is also one source of identity proof that implies that the person holding the card is a citizen of India. The blog will discuss the need for PAN verification and how to carry out online pan verification.
PAN card verification is needed to validate the Permanent Account Number (PAN) of individuals who want to invest in the stock market or other schemes. The process of PAN Card verification online is made available by the Indian government through various platforms such as National Securities Depository Limited and UTI Infrastructure Technology and Services Limited.
The Online PAN verification process ensures no fraud cases in the stock market. It also allows transparency in the transactions. In the PAN verification process, the PAN details provided by a person are matched with the database of the Income Tax Department. This way, the authorities track the ownership of securities and prevent illegal trading activities in the Indian stock market.
After the PAN details are verified, the investor is assigned a unique number called a PAN-based identifier which is useful in tracking all their transactions in the stock market.
The PAN Card verification online can be done in multiple ways. One of the ways to do a PAN Card verification online is through the National Securities Depository Limited or the NSDL website.
Visit the National Securities Depository Limited or NSDL website to conduct a PAN Card verification online. Long into the portal to start the verification process.
After logging into the portal, enter the required details correctly. After that, re-check the information provided by you.
The mandatory fields in the portal should not be left blank such as the “PAN Card status“, the name of the firm, HUF, etc.
The captcha code that will be asked by the website should be entered correctly. This will verify that the one using the website is not a robot. Complete the PAN no. verification process by clicking on submit.
The PAN no. verification status can be checked on the website after the completion of the process.
Within 5 days of the process, the PAN no. verification status of the acknowledged should be checked. After 5 days, the user may be unable to verify.
The verification of PAN cards needs to be done to check the authenticity of the investor before investing in the stock market. In the case of businesses also, the verification of a PAN card is required. The process will require some necessary information to perform the online verification. Listed below are the necessary documents needed for the e-verification of PAN cards.
PAN number verification by name and date of birth can also be done easily. In the process, you must register on the NSDL e-governance website and log in. After that, enter your name and date of birth to find the status of your PAN card.
It has been made mandatory by the Government of India to link Aadhar Card with the PAN card. To verify your PAN card through your Aadhar Card, you must visit the tax e-filling portal. After that, select the link Aadhar card option and click on proceed. Then, correctly enter the PAN number and click “View Link Aadhar Status.” The details will then be displayed on the screen.
Using a PAN card, you can verify your income tax return. First, log into the income tax portal. Click on the “My Account” option and log into it. After that, click on “e-verify my return.” Then, the “I want to generate an Aadhaar OTP to e-verify my return” option will appear. After clicking on it, an OTP will be sent to your registered mobile number. After entering the OTP, the procedure will be completed.
The Government of India has introduced a lot of measures to prevent the chances of corruption or fraud in the country. Section 194N of the Income Tax Act was introduced to stop the flow of black money. Under this section, the banks must deduct tax at source (TDS) on cash withdrawals after exceeding a certain limit.
The PAN verification can be done under Section 194N. First, visit the income tax portal and click the “TDS on Cash Withdrawal” option. Enter your PAN and contact details. After accepting the declaration shown on the screen, click “Continue.” An OTP will be sent to the registered contact number of the individual. After entering the OTP, click on the “Continue” button, and the percentage of TDS reduction will be shown on the screen.
So, PAN card verification online is an important and simple process that everyone can do online. The online verification of PAN is a feature that has helped people check their card status easily after providing the necessary information. The Income Tax Department of India has authorized the NSDL e-Governance Infrastructure Limited portal to validate and verify the PAN Cards of the people. The portal is accessible to all and makes the verification process hassle-free.
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