What is the objective of PAN for the government?
The main objective of PAN is to allot a universal identification key to every taxable entity, and to have a standard system of tracking all financial transactions that could have a taxable component. This can reduce tax evasion at all levels of financial activity.
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What is PAN?
A Permanent Account Number, or PAN is unique, ten-digit alpha-numeric code number issued by the Income Tax Dept. for every return filer in the country. Your PAN Number holds the record for all your tax related information. Every person engaging in ...
Why do I need PAN?
PAN is essential for carrying out most financial/business transactions in India. PAN is required for the following purposes: Receiving any taxable income – salary, professional fees, etc. Selling or purchasing assets like immovable property, gold, ...
How is TAN different from PAN?
TAN and PAN are both issued by the Income Tax Department for different purposes. While PAN is required for financial transaction that are within the tax ambit, TAN is specifically issued for tax deduction and collection at source. Every individual ...
Is PAN Card only for individuals?
No, any entity who earns taxable income in India has to have a PAN. This includes individuals, firms, companies, Associations, FIIs, Hedge funds, trusts, etc.
How to Link Aadhaar Number to PAN
A) Linking Aadhar Number to PAN through SMS Now you can link your Aadhaar and PAN through SMS also. The Income Tax Department has urged taxpayers to link their Aadhaar with their PAN, using an SMS-based facility. It can be done by sending an SMS to ...