which is a unique number allotted to Indians, usually to those who pay income tax. It is used to identify various taxpayers in India. PAN, issued once, remains valid for the full lifetime of that person whom it is issued. PAN card is used as an identity proof in India and along with address proof, it ensures KYC compliance in a Bank Account.
A Permanent Account Number (PAN) is a 10-digit alphanumeric number issued on a card officiated by the Income Tax department. PAN card is a critical document for every individual who is a taxpayer. The tax one pays is credited to their account with the Income Tax Department, and the tax that they are liable to pay is also fed in the same account. Hence, at the end of the year, the tax accounts are checked, and the calculated amount of tax is collected from or refunded to the account as per the scenario. All this process is made possible with the help of the PAN card, which acts as the key to access information from the individual’s account.
Some organizations are required by the Income Tax Department to report certain transactions only with the PAN of the person in charge of the transactions. In such cases, PAN card is a necessity.
It is also used as an identity proof while opening bank accounts, making sale or purchase of valuable assets like property and jewelry, and other similar fairly large transactions.
All economic or financial transactions associated with the Central Board of Direct Taxes need PAN information.Deposits exceeding INR 50,000 require quoting PAN.
If you are an entity, please visit the nearest Branch and fill the Customer Request form with the required PAN or Address details and submit it with a copy of PAN card and address proofs.
