What is Pan Card?
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. PAN enables the department to link all transactions of the “person” with the Department. These transactions include tax payments, TDS/TCS credits, returns of Income/wealth/gift/FBT, specified transactions, correspondence, and so on.
PAN, thus, acts as an identifier for the “person” with the tax department. PAN was introduced to facilitate linking of various documents, including payment of taxes, assessment, tax demand, tax arrears, etc. relating to an assesses, to facilitate easy retrieval of information and to facilitate the matching of information relating to investment, raising of loans, and other business activities of taxpayers collected through various sources, both internal as well as external, for detecting and combating tax evasion and widening of the tax base.
Benefits of Pan Card:-
- IT Returns Filing
- Identity Proof
- Tax Deductions
- Claim Income Tax Refund
- Starting Business
- Opening Bank Account
- Opening Demat Account
- Purchase & Sale of Immovable Assets
- Foreign Travel
- Time Deposite
- Hotel and Restaurant Bills
- Cash Cards and Pre-Paid Instruments
- Purchase or Sale Goods and Services
- Bank Drafts, Pay Orders, and Banker’s Cheque
Required Documents:-
- Voter ID Card
- Aadhar Card
- Contact No.
- Photo
- E-mail ID