Understanding Your PAN
Understanding Your PAN Importance of PAN : PAN card has become a must hold for each and every person to file the tax returns or to do a financial transaction., whether he is an Indian citizen or an NRI. What is PAN? A P ermanent A ccount N umber (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India. Each set of numbers is unique to the individual, HUF, company, etc. PAN is a permanent number, is unaffected by a change of address, even between states and is not transferable. It is illegal to own more than one PAN. The PAN”s primary purpose is to bring a universal identification key factor that links and tracks various documents and information regarding taxes and financial transactions, such as loans, investments, buying and selling real estate and other business activities of taxpayers. By tracking the above it indirectly prevents tax evasion through non-intrusive means....