Know Your Pan – PAN stands for Permanent Account Number, which is a 10 digit unique alphanumeric identity for Indians, especially allotted for those that pay income tax. It is issued by the income tax department under supervision of Central Board of Direct Taxes and is in the form a card that is laminated. A PAN card is essential for any kinds of financial transactions to be done.
Know Your PAN – Verify Your PAN Card
The primary purpose of Know Your PAN card is to have a universal identification to any financial transactions made that might include any kind of taxable components to avoid a tax evasion. It is unique to every individual and has validity for lifetime throughout the country. The PAN number does not get affected even if the address of the holder is changed.
Why is PAN required?
- PAN card number is required when you want to buy or sell any kind of immovable properties.
- It is required to buy a banker’s draft, or to pay cheques and orders.
- Supplying PAN card number is necessary when you want to buy shares and debentures that exceed Rs. 1 lakh.
- It is essential if you need to make any deposits that exceed Rs. 50000.
- It is mandatory to start a bank account, demat account or to apply for a credit card.
- You can present it as a valid ID proof.
How to verify PAN card?
Here is the procedure of the verification of PAN
- If a person has the PAN number of any person, he or she can have the verification of the respective PAN card holder by simply filling up the PAN number allotted in the card.
- The data that is printed on the PAN card may vary from the data in the database of the Income Tax Department.
- Before doing the verification, make sure that the individual has the 10 digit PAN number that has the first 5 and the 10th digit in capital alphabets and the rest of the digits as numbers.
- After going to the next page, he or she has to fill up the PAN number, the captcha code and then click on the submit button.
- The details of the PAN will be obtained including the first, middle and last name of the PAN card holder.
Benefits of possessing a PAN card
- It is nationally accepted identity proof as it contains your photograph, name as well address.
- You will end up paying the highest rated possible taxes if you do not own a PAN.
- There is a rare possibility of misuse as the PAN number is unique for every individual.
- It becomes easy to make different types of financial transactions.
- For a NRI, it becomes easy to buy a property in India or engage into any kind of businesses without filing the tax returns.
You can easily get your PAN card if you haven’t applied for it as the procedure has been simplified much now. Do not make any delay in applying for your PAN!