What Is PAN?
Permanent Account Number (PAN) is a ten-digit alphanumeric number with the first five characters are uppercase alphabets allotted by the Income Tax Department of India. Every individual who applies will receive a unique PAN as a laminated tamper-proof card or a PDF file. It is issued under Section 139A of the Indian Income Tax Act, 1961, with the supervision of the Central Board for Direct Taxes (CBDT).
Benefits For Applying PAN
Proof of identification
Valid across India
Identification for various taxpayers in the nation
Registration for a Business [Unique Tax Registration Number (TRN)]
Buying or Selling [Goods or Services when exceeding Rs. 2 Lakh, Gold & Bullion when exceeding Rs. 5 lakh, Immovable Property & Assets when exceeding Rs. 10 Lakhs, and All Vehicles except for 2-wheelers]
Income Tax Returns [Reduce Tax Deduction at Source, Filing ITR, and Claiming Tax Refunds]
Transactions when exceeding Rs 50,000 [Depositing Cash in Bank Account, Banker Cheque & Demand Drafts, Payments to Prepaid Instruments for a Financial Year, Life Insurance Premiums for a Financial Year, Hotels & Restaurant Bills, and Cash Payments for Travel].
Why Is PAN Necessary For An Investment?
Opening Accounts such as Bank Accounts, Demat Accounts, and NRO Accounts
Foreign Transactions like Transferring money from NRE account to NRO Account]
Buying Bonds, Mutual Funds, and Debentures that exceed Rs 50,000 in value in one year
Buying or Selling Securities that exceed Rs. 1 Lakh.
Documents needed for Pan card.
Adhar card Or voter card and your photo.
Your Mobile no and email id.
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