Why is it necessary to have PAN?

[jacobsmith]

Pan card is very important now a days it can be used for paying tax and every employee will have to their pan card even if you going for the interview then pan card plays a very important role in your selection.

 

[Gaurav Gurbaxani]

Pan card is perhaps the only way the Indian Government can keep track of tax payers. It also serves as legal id in most parts of the country

 

[eastman]

Permanent account number is provided by Income tax department to every income tax payer. But do you know that PAN card is compulsory and required by following authorities while doing financial transactions with them:
While opening a new bank account
Applying for credit or debit card
Insurance payment
Purchase or sell of vehicle
Buying or selling property (immovable asset)
Jewellery purchase
Fixed or cash deposit
New telephone connection
Investing in securities
Opening account at broker




Bicycle Tire Pumps

 

[Hina Kumari]

Pan card is essential for paying Indian tax. The is unique and it is kept by government for keeping tax records and history of a person. The banks also need pan card for dealing more than 50000 RS of payment. Tax deduction is done based on pan card.

 

[manogua]

Thanks for sharing

 

[Bluebridget]

Anybody who earns a taxable income in India, including foreign nationals who pay taxes here and Anybody who runs a business (be it retail, services or consultancy) that had total sales, turnover or gross receipt exceeding Rs 5 lakh in the previous financial year must

 

[sangbk]

Pan card is maybe the main way the Indian Government can monitor citizens. It likewise serves as lawful id in many parts of the nation