What is PAN Card?
- A permanent account number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated Card, by the Indian Income Tax Department, to any “person” who is eligible for it.
Who is eligible for PAN Card?
- Any person who is a citizen of India is eligible for getting PAN Card. If any individual is minor, then minor is printed on the PAN Card. For minor, Initially, the PAN Card is issued without photograph and signature. Then after becoming major one has to apply for a change in PAN Data.
What is the use of a PAN Card?
- The primary objective of PAN is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion.
- It also serves as identity proof.
What is Important of PAN Card?
- The Permanent Account Number (PAN) Card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity.
What are the benefits of having PAN Card?
- IT Returns Filing. All individuals and entities who are eligible for Income tax are expected to file their IT returns. …
- Identity Proof. PAN Card serves a valid identity proof. …
- Opening a Bank Account. …
- Purchase or Sale of Goods and Services. …
- Bank Drafts, Pay Orders and Banker’s Cheque, Debit-Credit Card.
Why is the PAN Card necessary for a bank account?
- While Aadhaar Card serves the purpose of identity and address proof, PAN Card is an identity proof with income tax implications. … As per present, IT Act / PML Act, quoting PAN while opening a Bank account is mandatory.
Can a foreigner apply for PAN Card?
- If you are a foreign citizen and you want to run a business or invest in India, you should also apply for a PAN Card. … Since PAN is also available to foreign nationals, this document cannot be used as proof of Indian citizenship.
Can US citizen get PAN Card in India?
- NRIs who are Indian citizens have to apply for a PAN by filling Form 49A, while NRIs with citizenship of another country need to fill up Form 49AA. … Documents: Two photographs must be pasted in the space provided in the acknowledgement form and submit a copy of the passport as proof of identity.
