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Most banks in India allow you to link your PAN number to the bank account through your Netbanking account. HDFC Bank has various online services for the customers. Customers can conveniently update their PAN card number on their HDFC Bank account via Netbanking. There is also a mobile app for HDFC Banking and customers can use them to update their PAN Card number on their account.
About How to link PAN Card to HDFC Bank Account
PAN number is being increasingly mandated in financial transactions to weed out the black money menace in the country. The government has also introduced measures like linking PAN with Aadhaar to implement a single identification system to remove duplicates, thus, bringing in the right amount of tax liable to be paid. Continuing with these efforts, linking your PAN and bank account has been made compulsory.
There are 3 ways to update your PAN Number on your HDFC Bank Account:
Via the Mobile App
At your nearest HDFC Bank Branch
PAN is an electronic system through which all tax-related information is recorded against a single PAN number for a person / company. This acts as the primary key to information storage, and is shared across the country. No two tax paying entities can therefore have the same PAN. Financial institutions and agencies require PAN, too. PAN Card is issued to individuals, businesses, Indians who are not resident or whoever pays tax in India.
PAN allows the department to connect all "individual" transactions of a person within the department. These transactions include tax payments, TDS / TCS credits, revenue returns, transactions listed, correspondence etc. Therefore, PAN acts with the tax department as an identifier for the "individual."
PAN has been developed to facilitate the linking of various records, including tax payment, assessment, tax demand, tax arrears etc. relating to an assessed individual, to facilitate the easy retrieval of information and to facilitate the matching of information relating to investment, the raising of loans and other business activities by taxpayers collected from various sources, both internal and external.
PAN is mandatory for all tax paying citizens. It has to be mentioned on your income tax returns. Here are some of the applications of the PAN number:
By mentioning your PAN number on these transactions, the government is able to keep track of the financial transactions you have carried out in a year and levy corresponding income tax on a citizen.
TDS is Tax Deducted at Source. It is the tax deducted from incomes such as rent, salary, commission, professional fees, interest, etc. It is deducted by the person making the payment before it is credited to the beneficiary. This TDS is then deposited to the Government by the deductor against the deductee’s PAN number.
Your TDS is linked to your PAN number. This allows you and the government to conveniently track the tax that you have paid to the income tax department. You can check your TDS statement using Form 26AS.
There are two ways to check your TDS status; PAN Card is an important input criterion to check your TDS status online. You can either check the status through the TDSCPC Portal or through the Income Tax e-Filing Portal. Both these portals require your PAN Number.
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