1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
A PAN card is an important asset in India, with everybody associated with exchange or business of any sort is anticipated to own a PAN. Each citizen in the nation is ought to have a PAN, with the legislature demanding punishment for people who undergo financial transactions without it. Applying for a PAN card isn't a costly affair and people within the country are required to pay a minimum amount to apply for PAN.
Applicants are required to pay a fees of rs.110 which is inclusive of GST charges of 18%. Since the inception of the PAN system, there has been a discrepancy in the charges linked with PAN application but since the last few years, the government has imposed uniform charges for PAN application for the communication address throughout the country. The charges on PAN application, however, depend on the mode of payment used. For example, if someone pays the PAN application fees through credit card, an additional charge of 2% will be availed by him/her.
There are situations where individuals/entities have to apply for modifications in the PAN that they currently own. In such cases, the entity will have to pay an amount of Rs.110. The charges equalling Rs.110 is only applicable for communication address within India.
Any business that is established in the country is required to own a PAN. Such entities which have a source of income in the country are charged a sum of Rs.1020 by the government for reprinting/reissuing the PAN card. The application fee costs Rs.93 and the dispatch charges are Rs.771. The remaining amount is the Goods and services tax charged at 18%
There are many ways in which an entity can make the payment for application for changes in PAN
For Indian citizens, the modes of payment available are through credit/debit cards, demand draft or net banking. An additional charge of 2% is applicable on people making payment via credit/debit cards. If someone wishes to make payment through Demand Draft, they can make the payment in favor of 'NSDL PAN', payable at Mumbai.
Payment through net banking has an additional surcharge of Rs. 4 along with the service tax.
For communication address outside India
For individuals/companies who have their communication address outside India, the options for mode of payment are either through credit/debit card or Demand Drafts. The Demand Draft must be addressed in favor of 'NSDL-PAN' payable at Mumbai. Payment through credit/debit card would attract additional charges of 2% of the payable amount. An entity might be required to pay the conversion or exchange charges imposed by the banks which initiate the payment
It is permissible for some individuals/entities to make the payment on behalf of the PAN applicant. Here's a list of the entities that are legally allowed by the Government of India to make the payment of PAN application on behalf of the applicant.
For Individual applicants, either the applicant himself/herself or any of their family members can make the payment.
For Hindu Undivided Families(HUFs), only the Karta or the members of the HUF can make the payment.
For companies/firms, the partner of the firm or the director of the firm can make payment on behalf of the applicant
For trusts/associations, the payment can be made by an authorized signatory
Sometimes, the application submitted by an individual could get rejected due to human errors/incorrect or incomplete information provided by the applicant. According to the rules spelled out by the Government of India, there is no provision for refund of the payment made. If there is incorrect information on the PAN card or the PAN application is rejected due to any other reason, the amount paid will not be refunded and the applicant will have to submit a fresh PAN application.