29 September, New Delhi: Rahul had to deposit INR 75000/- in his sister’s account for her Engineering college fees, but he came back running home to get his father’s PAN number. PAN card is must while opening a bank account or while depositing a sum of more than INR 50000/-. It is also mandatory if you wish to apply for a credit card, need to pay income tax or buy a house, etc.
A unique permanent number, a PAN number is a mandatory requirement for all eligible Indians who have any kind of Income. PAN card can be used for many financial matters. It is not compulsory to possess a PAN card, but as it is mandatory for all activities related to income and banking. Indian Income Tax Department issues a card for each person who is a resident of India or a foreigner who has a valid visa. A PAN card is an official government identity and thus, extremely important.
As each card has a unique PAN number, it can be used as a proof of identity. PAN card is not applicable as a proof of nationality. Each individual is eligible only for a single PAN card. It is illegal to have more than one PAN card for an individual.
Many times while applying for a card or any document people get confused if they do the right thing or not. The procedure to obtain a PAN card, specification of all documents you need to submit for your verification and all details to successfully get your application processed can be obtained at http://www.ITRToday.com
If you have a PAN card, but need correction or have issues with your date of birth printed on the card, get simple solution, help and find all about procedures related to PAN CARD.
In case your PAN card or wallet is lost, you need not panic. Follow the simple procedure given and get your duplicate PAN card issued from the Income Tax department. Get details about how to check your application status after applying for the PAN card, what to do to track your PAN card processing and how to keep your PAN details safe.
www.ITRToday.com offers a one-stop solution for all aspects related to Indian income tax returns. Find out about service tax, income tax, insurance updates, & benefits for salaried employees, along with service tax updates for professionals. Get latest sales tax updates for your business and never fail at any aspect related to Taxation with http://www.ITRToday.com
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