PAN Card Application

PAN Card Application

PAN or Permanent Account Number is a 10 digit alpha-numeric identity issued by the Income Tax Department of India. It is a unique account number allocated by the Income Tax Department, which is used to track and manage all the Income Tax assessee in India.
Although the PAN card application is voluntary, it must be obtained before engaging in certain transactions. For entering into a financial transaction exceeding a specified amount, quoting PAN is compulsory. Also, every business entity must apply for PAN card application within the 30 days of its formation or incorporation.

Every individual or business entrepreneur requires to open a savings/current bank account, needs to submit some specified KYC documents among which PAN is the most essential document.

For filing individual or business ITR, quoting Permanent Account Number is a must. All the information filed is associated with PAN for faster assessment and processing.

Pan Card is accepted as identity proof for every individual and all the way to the businesses. From opening a bank account to Government registration, PAN card of individual or business is a primary requirement.

Every person, deducting or collecting tax at source must mention own PAN and also of the deductee. By quoting a PAN, the tax credit will be associated with concerned person’s account.

Government has specified certain transactions where quotation of PAN is mandatory. Amount is specified for property transfer, bank deposit, payment of bills and more.