It is very much important to know the Permanent Account Number (PAN) and its purpose in the financial transactions. Are you sincere to know What is A Pan Card?Such cards are issued by Income Tax Department of India to the citizens to maintain consistency in financial transactions. Citizens must know about these cards and their values in the financial transactions. Such cardsfunction through following the coding systemswhich indicateidentification of citizens concerned and particularly it is important for those paying Income Taxes. Such cards are also important to give the PAN details when transactions are of high value funds.
The PAN Card Concept
Issued by the Income Tax Department of the country, this unique PAN card does functionthrough unique special 10-character alpha-numeric identifier number of combination followed. It is mandatorily issued to citizens of countryespecially to those people paying income taxes or making large transactions. It should also be noted here that even foreigners are issued these cards for the special purposes of making financial transactions. Alpha-numeric numbers are judicially entities identifiable under Indian Income Tax Act 1961for the simplification of financial transactions. The Central Board for Direct Taxes (CBDT) supervises the Indian Income Tax Department in the country that issues such cards to common public especially those paying taxes. This card is therefore considered a major proof of identification in the country.
Issuance to foreigners
As PAN is also issued to foreign national especially the investors like issuance of Aadhaar Number or Driving Licenses, provided a foreigner produces a valid visa, this card can’t be accepted as an exclusive Indian citizenshipproof. Majority of the financial transactions necessarily require mentioning of PAN number. Citizens or foreigners dealing with such transactions are therefore asked to use PAN in the multiple financial activities including the purposes of opening bank accounts to receiving professional fees, taxable salary incomesor selling and buying of assets above the certain limits as high-value transactions. PAN is necessary in all such circumstances for the citizens and foreigners in the special cases.
Why PAN Card Is Mandatory?
Use of PAN card number in all financial transactions in India is primarily aimed at bringing universality in identification purposes of financial transactions done. It is an extensive tool to prevent the tax evasions as use of such numbers makes the transactions more transparent due to easing the monetary transaction tracking. Its requirement becomes more noticeable in the high-net-worth transactions. As a PAN number assigned to individual citizens remainsunique it is made valid for every account holder for the lifetime no matter in which part of the country one uses that. Even if a PAN card holder changes his/her address in any part of the country, PAN number once issueddoesn’t change due to unique assignment.
Certain rules and regulations must be understood in the context of PAN cards. Take for example legal factors associated with these cards that they are issued under Section 139A of the Income Tax Act and that number follows the certain structural factors hence first five characters consistof lettersand the next four are numeralsbut last character once again a lettermakes the number unique.
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