gunesh
asked over 3 years ago
what is the need of need of pan card?
narahari
answered about 3 years ago
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
Archana
answered over 3 years ago
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 ;
lochan
answered over 3 years ago
**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 :)
