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Why is PAN card data important during one's joining period at an IT company? And what do they do?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 rohith asked over 3 years ago

Why is PAN card data important during one's joining period at an IT company? And what do they do?

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2 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered over 3 years ago

Hi, All companies ask for PAN details not only IT companies Reason being to deduct TDS if the gross salary exceeds the exemption slab Also they need PAN details to file Income TAx Returns It is also used for establishing identity of employees Thanks :)

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Open uri20170510 32134 1ue0f38?1494421710 rohit agarwal answered over 3 years ago

Hi, PAN number is the account with the income tax department of India to keep a track of your financial transactions. For the purpose of companies, PAN card is needed for the following: 1. To Deduct TDS on the salary paid, if the Gross Total Income inclusive of salary of the individual exceeds the minimum tax slab (the tax liability is nil to the extent of Rs. 2,50,000 for F.Y. 2014-15 and 2015-16). 2. Filing Income Tax Return Hence, due to the above mentioned reasons, not only IT companies, all companies ask for PAN card details before an interview.

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