PAN or (Permanent Account Number) is a unique 10-digits alphanumeric number assigned to all the taxpayers in our country. PAN acts as the primary key to store data or information of every tax-related record in his database. PAN is allotted to a person by the Income Tax department of India. PAN CARD is basically a physical card with a unique allotted number with your other credentials imprinted on it. PAN is unaffected by the change in a permanent location. Our company has merged with NSDL Bank Payment System which controls the PAN department in India. Applying for a PAN card offline was an antediluvian method that was time-consuming, with our JUSTFORPAY institution applying for the PAN CARD offline with ease and fast.
WHY PAN CARD IS ESSENTIAL?
PAN CARD is essential for taxpayers as it keeps a track of all your inflow and outflow of money transactions. It is important while paying taxes and receiving notices from the income tax department. This card can be used as valid identity proof across the country. Besides tax-paying there are other reasons to have a PAN card.
- 1.IT Returns Fillings:
Every individual who is eligible to pay tax is mended to file an IT return. Here PAN card plays a key role in filing IT returns, and this is the paramount reason for having a PAN Card.
- 2.Creating New Bank Account:
Whether it is a private or public bank or it is saving or current to open a new bank account PAN is a prerequisite.
- 3.Trading Automobiles:
If you are willing to purchase or sell an automobile worth more than Rs. 5 Lakhs, you have to allot the PAN card for the transaction involved.
- 4.Applying for Credit and Debit Cards:
For applying for a Credit and Debit card from any bank or financial institution you need to provide your PAN details according to the rules.
Investments have always proven fruitful in the future, to make investments in some valuable shares you have to furnish your PAN details for the transaction worth more than Rs. 5 lakhs.
- 6.Starting a Business
To initiate a startup or a business an individual must have a PAN registered. Tax Registration Number (TRN) is essential to start a business and for which PAN is a prerequisite.
For the approval of a loan at the bank, an individual had to submit the PAN details before collateral.
CONCEPT BEHIND PAN CARD
PAN card was issued under the Income Tax act 1961 by Central Board for Direct Taxes (CBDT). The key idea behind the issue of PAN cards was to enable the tracking of individuals' financial reports and to track all the black and white income of individuals under government administration.