Obtain PAN Number for permanent identity
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What is a Permanent Account Number?
PAN or Permanent Account Number may be a 10 digit alpha-numeric identity issued by the tax department of India. it’s a singular account number allocated by the Tax department, which is employed to trace and manage all the tax assessee in India.
Although the PAN card application is voluntary, it must be obtained before engaging in certain transactions. For getting into a financial transaction exceeding a specified amount, quoting PAN is compulsory. Also, every business entity must apply for the PAN card application within the 30 days of its formation or incorporation.
Requirements of Permanent Account Number
- Compulsory for opening Bank Accounts
Every individual or business entrepreneur requires to open a savings/current checking account, must submit some specified KYC documents among which PAN is that the most essential document.
- Mandatory for filing ITR
For filing individual’s or businesses ITR, quoting Permanent Account Number may be a must. All the knowledge filed is related to PAN for faster assessment and processing.
- Nationalized card
Pan Card is accepted as identity proof for each individual and everyone thanks to the companies. From opening a checking account to Government registration, PAN card of individual or business may be a primary requirement.
- For TDS and TCS transactions
Every person, deducting or collecting tax at source must mention own PAN and also of the deductee. By quoting a PAN, the decrease is going to be related to the concerned person’s account.
- Mention PAN in specified cases
Government has specified certain transactions where the quotation of PAN is mandatory. The amount is specified for property transfer, deposit, payment of bills and more.