Pan card means Permanent Account Number. It is an identification number that is assigned to every Taxpayer who lives in India. This Identification number is different for every person. In this number, all the relevant information related to tax paying is recorded, that is why it is compulsory to have a pan card for all the taxpayers.
Pan card is issued by the Income-tax Department of India and is issued to individuals or companies. It contains all the information of the person, like his name, address, and the Aadhaar Card number. The Cost of applying for a pan card is only Rs.110. It is applied by both the ways online as well as offline.
New Pan Card Rules 2020
When the budget 2020 is presented, it is said that the pan card is now allotted on the basis of Adhaar. Finance Minister Nirmala Sitharaman Saturday has introduced a new rule for pan card that people can apply for it without facing difficulty.
She also said that now, the pan card can be allotted instantly only on the basis of Adhaar, and now every person has their own Aahdar Cards. The people have to fill the form when they are applying for a pan card and then this process further continues. Detailed information of the applicant is presented in this form. On the basis of this information, the Government of India issued a pan card.
The big change in the rule is that Our finance minister changes the slab rates of tax. In the budget, she announces that the persons who are earning more than 5 lakh, there will be no tax on such types of incomes. This the time to work towards the economic development of the country.
Soon, you can only apply through your aadhar card for Permanent Account Number without filling the detailed application forms.
6 most important rules that are changed by the Government for pan card. These rules are as follows:
— India TV (@indiatvnews) March 1, 2020
1. Link Aadhar Card with the Pan Card:
The date for which you have to link your Aadhar card is 31st December 2019. Our Government is compulsory for all pan cardholders to link their aadhar card, if they are not doing so then their pan card will be canceled.
The Income Tax Departments specially issued a notice for this, otherwise, your pan card will be deactivated. So before its too late, link your Aadhaar card with pan card so that you don’t face any type of difficulty in the near future.
2. Income Tax Return Filing (ITR Filing):
The second big change in the rules of pan card is that change in Income Tax Filing Return. For Financial Year 2018-19, the belated income tax returns are filed up to 31st March 2020. This is the last date for it. If you are not doing that, then there will fee imposed on it as late fees.
In the last year, the amount of this fine is 50000, but after the new year starts, this amount will be charged double, which means the fine is increased up to 10,000. If your annual income is is less than 5 lakh, the fine is on such incomes is 1000.
3. One Nation One Ration Card :
This scheme is started in 2020. In the starting, only 12 states are included under this scheme, but with the passage of time, the further states are also taking the benefits of this scheme.
The most important benefit of this scheme is that it can be used in any state. For example, you live in Haryana state, the obviously your Ration Card is also in Haryana. If you are going to another state, then you can also use the same Ration Card in other states.
3. State Bank Magnetic Stripe Card:
The third rule change is the pan card is the State Bank Magnetic Stripe Card. The last to make changes in this card is 31st December 2019. Your old card does not work from 1st January 2020. For that, the State Bank of India regularly informs its customers to replace or change their old cards.
If you don’t want to face difficulty, then change your old card. In this card, there is a magnetic chip. That is why it is different from the old card. State Bank of India provides its customers with every type of new facility.
4. NEFT Transaction Charge:
The bank offers this new facility to its customers. This is we can say good news for the customers. There will be no charges imposed on NEFT transactions. From 1st January 2020, this rule applied in every type of bank.
This is like an exemption given by the Government to the public. The NEFT transaction is totally exempted from any type of charge. The purpose of applying this rule is to increase the digital trade and exchange of money. Reserve Bank of India suggests this change. This increases a lot in the NEFT transactions.
5. GST Registration:
GST is started from some last time. It is imposed by the government of the country. Now, our government decides to change one more rule regarding GST. The change is that the Registration of GST is done through the aadhar card. The new GST Return Filing System will be started from 1st January 2020.
It is a big change in GST. The time limit for filing annual returns will be increased up to 2 months more. Our every document is now linked to our radar card, radar card becomes so compulsory in every field. Any document is not applied without the aadhar card.
6. Change in Life Insurance Corporation of India:
We all very well know about the Life Insurance Corporation of India. The Regulatory And Development Authority issues orders to change in the rules of Life Insurance Corporation of India. These rules are applied from 1st February 2020.
Due to the new rules, the cost of the premium on insurance is increased. Life Insurance Corporation of India is one of India’s oldest insurance companies, which makes the trust of its customers.
These are some big changes that the Government of India introduced from the new year. Our finance minister announces these changes while presenting the budget.
So, these are the Latest Rules of Pan card which are not applied for all. you can comment down below if you want to know more detail or have any confusion in these New rules.