A permanent account number (PAN) is a ten-digit alphanumeric number, for any “person/candidate” by the Indian Income Tax Department, who is applying for it or which the department allocates without the number of cards in a piece of the card Is released in the form application.
It is a unique, ten-letter alpha-numeric identifier, which has been issued to all judicial bodies identified under the Indian Income Tax Act, 1961. Income tax Act and its link cards are issued under Section 139A of Income Tax Act. It is issued by the Indian Income Tax Department under the supervision of the Central Board of Direct Taxes (CBDT) and it also acts as an important proof of identity.
It is also issued to foreign nationals (like investor) under a valid visa, and that the PAN is not acceptable as proof of Indianity.
Benefits of Having a PAN Card
IT Returns Filing:-
All individuals and organizations who are eligible for income tax are expected to file IT returns. PAN card is required for filing IT returns, and the primary reason is for individuals as well as other organizations, apply for one
The PAN card provides a valid identity proof. In addition to voter cards, Aadhar cards, PAN cards, all financial institutions and other organizations are also accepted as identity proofs
One of the reasons for obtaining PAN cards is for the purpose of taxation. If the unit or person has not linked the PAN number with their bank account, and the annual interest income on savings deposits is more than Rs. 10,000 / – then the bank will deduct 30% TDS instead of 10%
Opening a Bank Account
PAN card is also mandatory for opening a demat account for an individual or organization, which is required to hold shares in dematerialized form.
Who Can Hold a PAN Card?
Following entities can have a PAN card:
After going through the above mentioned uses and benefits of the PAN card, it will become clear to a person that why PAN card is so important for him in his day-to-day transactions. Apart from this, no one should use improper means to avoid taxes and make many pan cards with the same holder name. Be responsible and pay taxes
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