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What is a PAN?
What is a PAN?
A Permanent Account Number (PAN) is a unique 10-digit alphanumeric identifier issued by the Indian Income Tax Department. It is mandatory for individuals and entities involved in financial transactions in India.
Why is PAN required ?
Why is PAN required ?
Tax Identification: A PAN serves as a universal identification number for tax-related purposes.
Financial Transactions: It is essential for various financial activities, including:
Bank accounts
Property transactions
Mutual fund investments
Stock market transactions
Large cash deposits
Government Benefits: Some government schemes and benefits require a PAN for eligibility.
Who Needs a PAN?
Who Needs a PAN?
Individuals: Indian citizens, foreign citizens residing in India, and non-resident Indians.
Entities: Companies, partnerships, trusts, and other legal entities operating in India.
How to Obtain a PAN?
How to Obtain a PAN?
You can apply for a PAN online or offline. The online application process is typically faster and more convenient. The necessary documents may vary depending on your status (individual or entity).
Key Points to Remember
Key Points to Remember
A PAN is a lifelong identifier.
It is mandatory to quote your PAN in various financial transactions.
If you lose your PAN card, you can apply for a duplicate.
Failure to obtain or quote a PAN can result in penalties and restrictions.
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