The Income Tax Department of India issues the PAN card with a 10-digit alphanumeric number to every citizen. It serves as an ID proof which is a mandate while making monetary transactions, sale and purchase, etc. While the IT department receives about 15 to 25 Lakh PAN applications each year, it takes from a few hours to 2 weeks to allot an applicant the 10-digit number. As of 2018, there were a total of 20,73,434 applications that were under processing for the issuance of PAN card.
Therefore, it is essential to protect the document against loss or theft, preferably with a card protection plan.
Usually, your PAN card holds importance during the following:
- Applying for a credit or debit card
- Filing of IT returns
- Opening bank account, etc.
Since there are chances of losing this document in case of theft or wallet misplacement, it is essential to purchase a card protection plan. Pocket insurance policies like Wallet Care offered by Bajaj Finserv allows you to receive a replacement of your PAN card when lost.
How to apply for a duplicate PAN card?
In India, any individual having a high-earning profile are most likely to hold a PAN card. Application for this essential document requires a payment of Rs. 110 only. You can apply for a duplicate card in case of loss through convenient processes.
- Online mode
Step 1: Log on to the website of TIN-NSDL.
Step 2: For the online application of PAN, select the tab menu.
Step 3: Choose the ‘reprint PAN Card’ tab that is valid – misplaced, stolen or lost card.
Step 4: Be redirected to a navigation pane where you need to choose the option ‘Online Application for changes/correction in PAN data’
Step 5: Read the guidelines that appear, and select the PAN type that needs replacement – HUF/firm/ individual/company, etc.
Step 6: Fill in the application form online by providing details like:
- Communication address
- Existing PAN number
- Name of the applicant
- Contact number
- E-mail id, etc.
Self-attest the application form before submission.
Step 7: Submit the application form online or by sending it to NSDL via post along with the necessary documents attached.
Step 8: Pay the fees of Rs. 107 (Resident Indians) or Rs. 989 (Non-resident individuals) via –
- Net banking
- Demand draft, or
- Credit/debit card
Step 9: Post-payment, an acknowledgement number is issued. Use this for all future correspondences.
Subsequently, the duplicate PAN Card is sent over to the correspondence address within 2 weeks of applying.
- Offline method
Step 1: Obtain the application form for ‘Request for New PAN Changes or Correction in PAN Data’ from any TIN facilitation centre, PAN centres, or IT PAN Service centres. You can also download it from the official UTIITSL or NSDL website.
Step 2: Fill in the necessary details in English using black ink and mention your 10-digit PAN.
Step 3: Affix 1 recent coloured photograph in the space at the top of the form.
Step 4: Put in either a left-thumb impression or full signature in the right-hand side box provided in the form. In case of the thumb impression, make sure to get it attested by any gazetted government officer or Magistrate or public notary.
Step 5: Pay the processing fee for PAN card application and other applicable charges by any of these:
- Demand draft.
Although the application process for PAN card replacement is convenient, it is a bit lengthy and time-consuming with involvement of additional costs.
How can you save money with an insurance plan?
You can easily eradicate the hassles in this application process with the help of insurance providers. All you need to do is purchase an insurance policy and request the provider for a free PAN replacement when lost.
These policies may also offer protection against frauds on payment cards – loss, phishing-based, theft, or PIN stealing-based. A debit card insurance plan provides a high coverage limit that is capped at Rs. 1.5 Lakh against a nominal premium of Rs. 299 per annum. One can go for credit card insurance plan that aids in receiving financial net against identity theft-related fraudulent.