PAN Card is Necessary : 11 Main Reasons You Need This ID Proof Though You Are Not a TaxPayer

PAN Card is Necessary : 11 Main Reasons You Need This ID Proof Though You Are Not a TaxPayer



PAN card has many uses other than being a way for the IT Department to keep tabs on your financial transactions.

You need to mention your PAN details in the application form while opening a new bank account.

PAN (Permanent Account Number) has become an inseparable part of the identity of an individual today. It is required to be compulsorily quoted in most of the transactions involving more than Rs 50,000. Issued by the Income Tax Department (ITD), PAN is an important tool that helps the Income Tax Department monitor all the financial transactions of an individual and trace any income leaks from the ITR filed by him. Hence, it can effectively help reduce tax evasion.

“If you are looking at buying a property or a car, converting your Indian rupees to foreign currency or investing in the stock market, you will have to quote your PAN in these transactions. However, the PAN card has many uses other than being a way for the IT Department to keep tabs on your financial transactions,” says Chetan Chandak, Head of Tax Research, H&R Block India.

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