PAN card is known as Permanent Account Number. PAN Card is a ten digit unique identity number assigned to every Indian tax payer by IT Department. It Comes under CBDT.
To get taxable salary, buy or sale of Assets or Property, specialist charges or any monetary transaction, PAN card is obligatory.
If you have applied for PAN card or are hanging around for it? If yes, then go through this article for PAN card status check.
There has to be a reason for the whole thing right? Thus, we will clarify you about the primary aim of your PAN card.
PAN card’s main aim is to make exclusive and worldwide recognition, which you can be to link with the financial transactions to ignore tax avoidance.
As PAN card is your sole verification that has been provided by the Indian government to their citizens as well as foreign individuals.
One more purpose of making PAN card is to offer benefits to the investor’s and venture’s entrepreneurs.
Though, foreign individuals will not be able to use PAN card as identity proof or citizenship. Also, now it has been made compulsory to link your PAN with Aadhar card.