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PAN Card Number

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. It is also essential that the PAN should be quoted in documents regarding money transactions mentioned by Central Board of Direct Taxes.

PAN Card Number is a unique 10 digit number issued by Income Tax Department of India which is used to identify people filling Income Tax Returns. Every person who is earning is required to have a PAN Number and has to fill the IT Returns irrespective of whether his earnings are below Rs 1,10,000 or not (People with earnings of more than 1.1 Lakh have to give taxes)

To know your PAN number you can always log on to: http://incometaxindiaefiling.gov.in/knowpan/knowpan.jsp

  • PAN number is used as an Identity proof for showing your relation to India. You should have a pan card, even if you don’t file taxes in India.
  • Any kind of demat accounts, shares, mutual funds, buying or selling of securities for an amount above one lakh also needs a PAN number
  • A new account opened in banks for minors requires their father/mother/guardians PAN number to be noted.
  • Selling and buying of vehicles apart from two wheelers also requires PAN number.
  • Deposits made in any banks where the amount is more than fifty thousand also requires PAN number

The income tax filed by an individual will be tracked down by the PAN number allotted for the respective individuals. Any transaction exceeding a maximum limit of 50,000 can be tracked down by using the PAN number by the Income tax department of the government of India.

So, a PAN number allotted for an individual will never change for any reasons.

The PAN should be quoted or furnished in all the following cases and transactions irrespective of whether the payment is made in cash or by cheque:

  • PAN number is used as an Identity proof for showing your relation to India. You should have a pan card, even if you don’t file taxes in India.
  • Quoting a PAN is important while selling or purchasing any property, which is more than 5 lakh. If there are more than a single owner Pan of all the partners should be written in the document. In case of nominees PAN should be the original owner’s.
  • Selling and buying of vehicles apart from two wheelers also requires PAN.
  • A deposit made in any banks where the amount is more than fifty thousand also requires PAN. It is a responsibility of the official to collect the PAN during the deposit.
  • Any kind of demat accounts, shares, mutual funds, buying or selling of securities for an amount above one lakh also needs a PAN.
  • Demand drafts, cheques given for more than fifty thousand also needs the PAN to be mentioned.
  • Money spent during a travel or stay in abroad also needs a PAN.
  • Obtaining new telephone or mobile phone service.
  • Bills paid to motels and resorts in a single point of time which is more than twenty five thousand.
  • New accounts opened in a bank.
  • Issue of a new credit card.
  • A new account opened in banks for minors requires their father/mother/guardians PAN to be noted.