Many important changes related to Permanent Account Number (PAN) will come into effect from April 1. These will impact how PAN is made and how it is used in financial transactions. The purpose of these changed rules is to improve compliance with the rules and also to simplify the documentation requirements. The special thing is that from April 1, Aadhar card alone will not be enough to get PAN made. Applicants will also have to submit some more documents to verify their identity and date of birth.

Documents required for PAN

Documents accepted include birth certificate, voter ID, 10th class certificate, passport, driving license, or an affidavit issued by a magistrate. This change means that those applying for PAN will have to have these documents ready in advance to avoid any delay in the process. Another important thing is that the name written on the PAN card should now completely match the information written on the Aadhar card. Applicants will now have to use the forms as per their category: Form 93 for individuals, Form 94 for companies, Form 95 for foreign persons, and Form 96 for foreign entities.

New rules for use of PAN card

1. Deposits and Withdrawals: From April 1, PAN information will have to be provided only if the total deposits or withdrawals in a financial year exceed Rs 10 lakh. Currently, it is mandatory to provide PAN if you deposit Rs 50,000 or more in cash in a single day.
2. Buying a Car: Currently, PAN is required to purchase most vehicles. Under the changed rules, PAN will be required only if the price of the vehicle is more than Rs 5 lakh.
3. Insurance Policy: Currently, PAN is required only if the annual premium is more than Rs 50,000. Henceforth, it will be mandatory to provide PAN at the time of starting every insurance policy, irrespective of the premium amount.
4. Property Transaction: To make it mandatory to provide PAN information in property deals, the current limit of Rs 10 lakh will be increased to Rs 20 lakh from April 1.
5. Bill (hotel, restaurant, event): Currently, PAN is required for cash payments of more than Rs 50,000. Under the new rules, this limit will be increased to Rs 1 lakh.

Things to keep in mind while applying for PAN

• To avoid any kind of mistake, check your Aadhaar information (especially your name) beforehand.
• Keep important documents, such as birth certificate, passport or voter ID ready with you.
• Make sure that these documents clearly prove your identity and date of birth.
• Use only those revised PAN application forms which will be applicable from April 1, 2026.