Permanent Account Number (PAN) is a ten-digit alphanumeric number, for eg. AAAAA0000A, issued in the form of a laminated card, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allows the number without an application.
PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments,TDS/TCS credits, returns of income/wealth/gift, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.You may get in touch with our compliance manager on email gaurnnatitaxationandlegal@gmail.com for free consultation.
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PAN is a nationally accepted proof of identity in India. PAN is unique to every PAN card holder in India. It links all financial transactions made by a particular individual or entity.
PAN is required usually for bank account opening. It is also mandatory in various transactions beforehand. It is a must that you quote PAN in your Income tax return.
If you are an NRI and wish to claim benefits of non-deduction or lower-deduction in India, you must obtain PAN. For purchasing or selling of property in India, you need PAN.