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what is the need of need of pan card?

Open uri20170510 32134 ughyv5?1494421703 asked

what is the need of need of pan card?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

PAN CARD is beneficial to income tax payers in the following ways It is needed for payment of our direct taxes Helpful to get into foreign exchange transactions Get into transactions of higher amounts easily To avoid deduction of tax more than the tax due

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Picsjoin 2017224123730582 answered

Hie Gunesh, **Pan Card is very important in India, because its an identity proof of an individual.** Further, need of Pan Card is as follows : ============================== 1. It is mandatory to quote PAN on return of income, all correspondence with any income tax authority. From 1 January 2005 it will be mandatory to quote PAN on challans for any payments due to Income Tax Department. 2. It is also compulsory to quote PAN in all documents pertaining to the following financial transactions :- (a) sale or purchase of any immovable property valued at five lakh rupees or more; (b) sale or purchase of a motor vehicle or vehicle, [the sale or purchase of a motor vehicle or vehicle does not include two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle;] (c) a time deposit, exceeding fifty thousand rupees, with a banking company ; (d) a deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank; (e) a contract of a value exceeding one lakh rupees for sale or purchase of securities; (f) opening a bank account; (g) making an application for installation of a telephone connection (including a cellular telephone connection); (h) payment to hotels and restaurants against their bills for an amount exceeding twenty-five thousand rupees at any one time ;

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**NEED AND BENEFITS OF PAN CARD** Hi, PAN CARD is beneficial to income tax payers in the following ways It is needed for payment of our direct taxes Helpful to get into foreign exchange transactions Get into transactions of higher amounts easily To avoid deduction of tax more than the tax due also to file our income tax returns pan card is very useful Government benefits from pan card by keeping a track of all the financial transactions of the income tax payers Thanks :)

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