PAN Card
PAN Card
Permanent Account Number or PAN is a means of identifying various taxpayers in the country. It contain 10-digit unique identification alphanumeric number .It give unique identification number to every Indian tax paying. Through the pan card government of India collect tax related information of particular person. pan card give unique identity of every tax payer.
The Permanent Account Number (PAN) is unique, national, and permanent. It is unaffected by a change of address, even between states in India.
As a universal identification key the PAN helps to monitor all financial transactions of high net worth individuals and thereby indirectly prevent tax evasion.
Pan Card is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and is almost equivalent to a national identification number. It also serves as an important ID proof.
From 1 January 2005 it has been made mandatory to quote the Permanent Account Number (PAN) on challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to most financial transactions.
Pan Card is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and is almost equivalent to a national identification number. It also serves as an important ID proof.
From 1 January 2005 it has been made mandatory to quote the Permanent Account Number (PAN) on challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to most financial transactions.
PAN Card too is given by the Income Tax Department. While PAN is a number, PAN Card is a physical card that has your PAN as well as name, date of birth (DoB), and photograph. Copies of this card can be submitted as proof of identity or DoB.
How to Apply for PAN Card
PAN Card application can be made online on one of the following websites:
Who should apply for a PAN card ?
All existing assessees or taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN.
Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.
Can minor apply for a PAN card ?
Section 160 of IT Act, 1961 provides that a non-resident, minor, lunatic, idiot, and court of wards and such other persons may be represented through a Representative Assessee. In such cases, application for PAN will be made by the Representative Assessee.
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