What is PAN ?
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deepika2029
Abhishek
daksh007
Manoj
8 posters
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- daksh007
- Posts : 11530
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:24 pm
Permanent Account number is a 10 digit alpha-numeric code issued by the Income-tax department. It is unique for every individual.
- daksh007
- Posts : 11530
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:25 pm
It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification.
- daksh007
- Posts : 11530
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:25 pm
The primary purpose of PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions of high-net-worth individuals.
- daksh007
- Posts : 11530
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:25 pm
The fourth character of PAN represents status of the PAN holder. For example, if the 4th character is "P", the PAN holder is an Individual. Likewise the fourth character for other PAN holders is as follows:
- daksh007
- Posts : 11530
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:27 pm
PAN, permanent account number, Income-tax, Income-tax department, financial transaction, bank account, taxable salary, professional fees, sale, purchase, PAN format, types of PAN, individual, company, huf This article explains about PAN. It also explains the uses of PAN for different purposes. Various types of PAN that is issued in India. And some more information related to PAN is given here.
- daksh007
- Posts : 11530
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:27 pm
Obtaining a Permanent Account Number is necessary for most of the financial transactions done in India. PAN is required for filing of Income-tax return, obtaining a loan from bank, high value transactions, asset purchase, opening a bank account etc.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:33 pm
What is Pan Card purpose?
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:34 pm
It also serves as an identity proof. Once PAN card is issued, it remains valid for the entire life of the PAN card holder.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:34 pm
The primary objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:34 pm
What is PAN card and its importance?
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:34 pm
The Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents nowadays.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:34 pm
The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:36 pm
The Uses of PAN Card are given below:
IT Returns Filing
Opening a bank account
Buying or selling a motor vehicle
Applying for a credit or debit card
Purchase of jewelry
Making investments
Proof of Identity
Foreign Exchange
IT Returns Filing
Opening a bank account
Buying or selling a motor vehicle
Applying for a credit or debit card
Purchase of jewelry
Making investments
Proof of Identity
Foreign Exchange
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:37 pm
The Uses of PAN Card are given below:
Property
Loans
Fixed Deposits
Cash Deposits
Telephone Connections
Insurance Payments
Property
Loans
Fixed Deposits
Cash Deposits
Telephone Connections
Insurance Payments
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:38 pm
About Of Uses of PAN Card
IT Returns Filing: All individuals and entities who are eligible for Income tax are expected to file their IT returns. A PAN card is necessary for filing of IT returns, and is the primary reason individuals as well as other entities apply for one.
IT Returns Filing: All individuals and entities who are eligible for Income tax are expected to file their IT returns. A PAN card is necessary for filing of IT returns, and is the primary reason individuals as well as other entities apply for one.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:38 pm
Opening a bank account: A PAN card is required in order to open a new bank account, whether it is a savings or a current account. All banks, whether public, private or co-operative, require the submission of a PAN card in order to open an account with them.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:38 pm
Buying or selling a motor vehicle: If you wish to buy or sell a motor vehicle worth more than Rs. 5, 00, 000, you have to provide your PAN Card details when conducting the transaction.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:38 pm
Applying for a credit or debit card: When applying for either a debit card or a credit card at any bank or financial institution, furnishing your PAN card details is mandated by regulations. The bank will not issue the card if this criteria is not met.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:39 pm
Purchase of jewellery: If you are looking at buying any sort of jewellery that is valued at over Rs. 5, 00, 000, you will have to provide your PAN card details at the time of purchase.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:39 pm
Making investments: Investing in securities is seen as a good way to build your wealth. If you are considering investing in securities, you would have to furnish your PAN details for any transactions amounting to above Rs. 50, 000.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:39 pm
This extends to equities, mutual funds, bonds as well as debentures.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:39 pm
Proof of Identity: a PAN card is accepted as valid proof of identity anywhere in the country, and is also considered as proof of age. It can also be used as proof of identity when making an application for a passport, voter ID card, driving licence, electricity connection etc.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:39 pm
Foreign Exchange: If you are travelling abroad and wish to convert your Indian currency into foreign currency, you are required to provide details of your PAN at the money exchange bureau/bank/institution where you are converting the money.
- Abhishek
- Posts : 12935
Join date : 2019-01-07
Re: What is PAN ?
Thu Jan 10, 2019 5:39 pm
Property: Buying, selling or renting property in India now requires PAN card proof. In the case of buying of property, the PAN details of the buyer as well as the seller have to be listed on the sales deed and any other such documentation for the sale to be complete.
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