PAN which stands for Permanent Account Number is a nationalised identity card that the government issues to identify taxpayers in India. When you perform PAN card check to verify details, you can find your PAN, name, date of birth, signature, etc. mentioned on it. PAN is mandatory for almost all financial transactions and activities such as opening a bank account, buying gold or high-value financial transactions.
The PAN or Permanent Account Number is a 10-character alphanumeric code for unique identification and has lifetime validity. PAN number verification or even better to say, PAN verification is the process through which individuals can check the legitimacy and validity of their PAN cards.
So, what is the process for PAN verification and how can people check their PAN card details? In this comprehensive guide, we will cover how to verify your PAN card.
Let’s get started!
Verify PAN – How to Check PAN Card Details?
The Income Tax Department of India offers a ‘Verify Your PAN’ service There is a process for online PAN verification, popular as the.
You can easily perform a PAN card check by following a few simple steps:
- Login to the e-filing portal Verify Your PAN
- Go to the ‘Quick Links’ section and then click on ‘Verify PAN details’
- Enter the full name and date of birth (D.O.B.) as per the PAN card as well as the PAN number. Also, share the mobile number linked with your PAN and select ‘Status’
- You may be asked to enter the captcha or an OTP to see the PAN card status and its details
Related Post: How to Link a Credit Card to UPI
Who Can Check PAN Card Details or Do PAN Verification
Various people do PAN verification for different purposes. Here are some examples:
Individuals: To verify their own PAN details. They can also verify the PAN details of any other person, provided they have all the required information
Banks and other Fintech Organisations: To verify customer identity. They generally use bulk PAN verification to check whether the PAN is active or not and if the PAN details are authentic. Before onboarding somebody or conducting business with them, it is important to verify their PAN details.
Employers: To verify their employees’ PANs for TDS
Tax Deductor: To verify the deductee’s PAN for the purpose of TDS
Property Buyer: To verify the property seller’s PAN for TDS
Tenant: To verify the Landlord’s PAN if the annual rent income exceeds Rs. 1 lakh
PAN Verification with Cashfree Payments
With Cashfree Payments, individuals and businesses can do bulk PAN verification. Here’s how:
Individual PAN Verification
To verify individual PAN on Cashfree, follow these steps:
- Go to the ‘Verification Suite’ Dashboard > Select PAN > click on ‘verify PAN’
- Enter your PAN and name to proceed to ‘verify’
- Click on ‘Verify’. If the PAN exists, you will see a success message
In the ‘Verification Suite – PAN Screen’, every PAN that you check will be visible and available for your reference. Based on the status (Valid, Invalid, Rejected, Verification Failed), specified time period, and PAN type, you can search and filter for the details.
Bulk PAN Card Verification
Cashfree Payments helps you with bulk PAN verification through APIs in real time. You can verify a single PAN or up to 10,000 PANs in bulk at once through API. This helps you get access to information like:
- Name of PAN holder (as per the government records)
- The name printed on the PAN card
- PAN Type (Business or Individual)
- Verification ID
- Father’s/mother’s Name
When you have a large number of PANs to verify, you can do it in seconds with the Cashfree API. Upload a .csv, .xls, or .xlsx file containing the PAN and name of the individual or business and verify them all at once.
Steps to upload a batch file containing PAN information:
- Go to Verification Suite Dashboard > Batch > click ‘Upload File’
- Click on ‘Choose a File’ to select the upload file and click ‘Upload’. The uploaded file will be visible in the ‘Batch’ section
- To view the status of the PAN details, click the uploaded file
All PANs you verify will be visible and accessible in the ‘Verification Suite – PAN’ dashboard. You can search by file name and filter the results by status (Processed, Processing, Rejected, Cancelled) or time duration.
Who Requires Bulk PAN Verification Services?
Some of the companies and industries that will require bulk PAN verification services are:
- Marketplaces for Vendor Onboarding
PAN card verification is required for KYC compliance on marketplaces such as Amazon, Tata CLiQ, etc. PAN verification allows you to verify your vendor’s legal identity. Doing so will save you from fraudulent transactions and scams in the future.
- Large Enterprises For Employee Onboarding
Large companies cannot do single PAN verification for each employee. It is rather convenient to undertake PAN verification in bulk. It also acts as an employee’s identity proof. With PAN verification, the employer can deduct the correct TDS and prevent legal consequences due to incorrect TDS deduction.
- Loan/Insurance/Wallet Service Providers & Fintech Companies
Before disbursing funds, loan providers must confirm the identity of their customers through PAN. Likewise, the insurance providers do this verification via PAN which serves as an authentication factor. All wallet or financial service providers do PAN verification for the prevention of fraudulent activities. Security and equity investment platforms also do the PAN verification.
- Customer Onboarding and KYC
PAN can be verified by wallet companies during KYC procedures or customer onboarding. They can help onboard thousands of customers more quickly.
- Asset Management Companies for Fund Transfers or Payments
To prevent tax evasion, the Indian income tax department has enacted some stringent regulations to withhold tax and deposit against the PAN of the payee. As a result, fintech, asset management companies and payment aggregators, among a few, must perform PAN verification before transferring funds.
So, what are you waiting for? If you are a business looking to do bulk PAN verification Create an Account on Cashfree Payments and get started right away.