It is that time of the year when talks about
income tax filing returns are heard in every home and office. Did you know that one
cannot file IT returns without PAN and without linking it to Aadhar card to Pan Card? What's that? The blue card that finds a place
in your parents' wallet, along with credit and debit cards, is the PAN card. Take a look at it. You will find a photo of the
card holder, name, surname and an aphla-numeric number and date of birth.
What Is PAN?
Why is it necessary to have PAN?
It is mandatory for an individual to declare his/her PAN when opening a bank account, receiving taxable salary or professional fees,
while making certain high-value transactions, while buying a property or a car worth over a certain limit, buying or selling shares
or mutual funds, applying for a visa/passport, making payment of income tax or filing tax return, and while applying for a bank loan.
Through it, the Income Tax department is kept in the loop of one's income, property details, investment and tax payment.
PAN, thus, acts as an identifier of the person with the tax department.
Who must have PAN?
All taxpayers, a producer or manufacturer of excisable goods, anyone who intends to make financial transactions where quoting PAN
is mandatory and even those who furnish a return of income, on behalf of others, must obtain PAN. Companies and trusts should also have PAN.
If you recently applied for PAN card, then it takes around 1-2 months to reach at your address.
In 2008, a three-month-old baby from Orissa got PAN, after a trust signed the baby up for modelling.
CVBAY ACCOUNT SERVICES works round the clock, 24 hours x 7 days x 365 days. When you collaborate with us,
we will deliver the desired output in real time as well as within a specified turnaround time.
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