GETTING PAN CARD IS A HERCULEAN TASK

Having PAN card is now becomes necessity. PAN is Permanent Account Number. PAN card is required to mention in Tax returns, investing in share markets, mutual funds, purchasing property etc. For issuing PAN card Government of India has appointed NSDL & UTI. Although the Income Tax Department has outsourced the issuance process of PAN card but the customers are not happy with the services provided by them. Mr. Umesh Deshmukh working in Nagpur (IND) based Chartered Accountancy firm M/s. Vilas Kulkarni & Associates asserts that ‘getting PAN card through NSDL or from their franchisee is a herculean task’. NSDL has their own set of rules which are different from UTI.  The hurdle for PAN starts from the beginning itself, you have to purchase the Form 49A from their office only & not even photocopy or from any other sources (Income Tax website have all forms Free of cost). The front end managers which deals with customers are not trained and do not have proper knowledge. They reject the forms for simple reasons without any logic. M/s Efficient Lifescience & Pharma. Pvt. Ltd. (name changed) had applied for PAN card. In Form 49A there is a separate row in which you have to mention ‘the name you would like on the PAN card’. They wanted their name to be printed as ‘ELP Pvt. Ltd.’ on the PAN. The NSDL franchisee rejected their application on the grounds that they have to mention the company’s full name. The rules published by Income Tax Department of India clearly mentions that the name printed on PAN will be as per your choice. The same PAN form was then submitted in UTI. Their they accepted without any cross questioning. The UTI people accept the photocopy of downloaded PAN form. ‘We have fade with NSDL & their Franchisee. Now we submit all our clients PAN/ TAN application forms in UTI,’ said an audit article working with M/s. A N Bhagat & co.
Its astonishing that the PAN card is issued by Income Tax Department of India, how the Pan/ TAN forms can be accepted or rejected by these PAN issuing companies by applying their own set of rules.

Tags: Form 49A, Form 49B, how to apply for PAN/TAN?, NSDL, PAN, TAN, Unit Trust of India, UTI, Vilas Kulkarni & Associates (Chartered Accountant)

This entry was posted on Tuesday, February 24th, 2009 at 12:43 pm and is filed under Business, General, Income Tax, TAXATION. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.