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PAN stands for Permanent Account Number. It is a 10-character alphanumeric number uniquely allotted to the PAN Cardholder. It helps in identifying the PAN Card. holder or income tax payer. PAN Cards are required in case of receiving a taxable salary, or taxable professional fees, opening a bank account, purchase or sale of assets above the specified limit and so on. PAN cards serve as a Government issued identification that comes in handy everywhere you go.
It is noteworthy to mention here that the Election Commission had introduced changes on filing norms in the month of February. Given the latest development, all candidates who want to contest in the general elections would need to mention their I-T returns for the last five years. Earlier, candidates had the option to skip providing PAN details and had to reveal the I-T returns filed for just the last year.
Getting a PAN card has become very easy now that the government has introduced a new system. All you have to do to avail your e-PAN is visit the website of the income tax department. When you visit the portal, your Aadhaar number will have to be entered so that your PAN can be created immediately. Moreover, this will also give easy access of your PAN to the department. Once you enter your Aadhaar number when applying for the e-PAN, you will receive a One-Time Password on your registered mobile number following which the verification of your Aadhaar details will take place and a PAN will be issued to you. The PAN can be downloaded easily from the portal. This new system which allows people to avail their e-PAN with such ease is expected to benefit not only applicants, nut also the country’s various departments. PAN-Aadhaar linking has been made compulsory by the government, with the last date to do so being set on the 31st of March this year.
Obtaining a PAN may be optional or voluntary like a passport, driving license, Aadhaar etc. However, its use is mandatory at required places, like PAN for high-value financial transactions, driving license for motor driving, passport for foreign travel etc..
To counter such cases, the CBDT is likely to insist on furnishing of a valid PAN for high value transactions in an effort to minimise TDS mismatches. This could also help in identifying new assessees, increasing tax revenue.
Although there are only 30 million income tax payers in India, yet there are 170 million genuine PANs issued as of 2014.[18] While the alphanumeric PAN number is unique, individuals and corporate entities have been able to obtain multiple PAN cards fraudulently
PAN Card is important for taxpayers as it is necessary for all financial transactions and is used to track the inflow and outflow of your money. It is important when paying income tax, receiving tax refunds, and receiving communication from the Income Tax Department.
PAN stands for Permanent Account Number. It is a 10-digit character alphanumeric number allotted to PAN Cardholder served in the form of Government-issued identification. It helps in the identification of income taxpayer or PAN Cardholder. PAN card required in case of your salary is under taxable slab, taxable professional fees, for opening a bank account or for sale or purchase of assets.
