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