PAN CARD-WHAT IS PAN CARD? EVERYTHING ABOUT PAN CARD.

 

WHAT IS PAN CARD? WHAT IS THE USE OF PAN CARD?

Permanent Account Number (PAN) is a 10 digit alphanumeric number issued by Income Tax Department.

The use of PAN card is mandatory for financial transactions for example:

To open a bank account, if you want to open a bank account then you need to submit you pan that is now basic requirement to open bank account.

To open a fixed deposit account it is also required to submit pan to the bank in which want to open a fixed deposit account.

To deposit cash more than equals to 50000, if you want to submit amount is cash more than 50K than it is also required to submit your pan.

To take a GST registration PAN is mandatory, gst registration is also a pan based registration to apply for goods and services tax registration you also mention your permanent account number PAN.

To take a Import Export License PAN is mandatory, it also to submit pan to DGFT for application of import export licence it is pan based number.

To take a food license PAN is mandatory, to take FSSAI license you also submit your pan to the concern authority fssai license is also pan based license.

To take a shop and establishment license PAN is mandatory, to apply shop and establishment license it is also mandatory to submit pan this is also pan based license.

To sale or purchase a property then PAN also required, it is also required to submit pan for sale or purchase transaction of property and if property is more than 50 lacs than tds liability also arise.

To purchase a car more than 500000/- then PAN is also required and to take EMI option also need to submit you income tax return along with pan.

To file income tax return you also need PAN, without PAN income you cannot file your income tax return. To apply foreign visa you also required income tax return of three years.

There are number of transaction which cannot be complete without mentioning PAN. Therefore if you do not have PAN then apply it as soon as possible. It can be applied online or you can visit nearest NSDL or UTI centre.

CA KHALID REHMAN

(M.Com, Chartered Accountant)

# 9818940991

Comments

Post a Comment

Popular posts from this blog

Essential Skills Required to Start a Business

Image
  Essential Skills Required to Start a Business Starting a business is a challenging yet rewarding journey that requires a combination of technical knowledge, strategic thinking, and interpersonal skills. Many aspiring entrepreneurs believe that having a great idea is enough, but in reality, success depends on mastering essential skills that contribute to business growth and sustainability. Below are the critical skills required to start and run a successful business. 1. Business Planning and Strategy A well-defined business plan lays the foundation for a successful startup. Entrepreneurs must develop skills in: Market Research: Understanding industry trends, target audience, and competitors. Goal Setting: Defining clear, measurable objectives. Financial Projections: Estimating costs, revenues, and profitability. Risk Assessment: Identifying potential risks and preparing contingency plans. 2. Financial Management Managing finances effectively is crucial for business survival. E...
Read more

To Start a Business Online, You Need to Consider Following Things

Image
  To Start a Business Online, You Need to Consider Following Things Starting an online business can be a game-changer, offering flexibility, low startup costs, and global reach. With the rise of e-commerce, digital services, and social media marketing, there has never been a better time to launch your online venture. But how do you start, and what do you need? This guide will walk you through the essential steps and requirements for building a successful online business. 1. Find a Profitable Business Idea Before starting, you need a strong business idea that solves a problem or fulfills a demand. Some popular online business models include: ✅ E-commerce Store – Selling physical or digital products. ✅ Dropshipping – Selling products without holding inventory. ✅ Freelancing – Offering skills like writing, graphic design, or web development. ✅ Affiliate Marketing – Earning commissions by promoting products. ✅ Online Courses & Coaching – Teaching skills through digital platfor...
Read more

Essential Qualities of a Perfect Startup Team

Image
  Essential Qualities of a Perfect Startup Team A startup’s success depends heavily on the team behind it. Even the most innovative idea can fail without the right people driving it forward. A perfect startup team consists of a mix of complementary skills, a shared vision, and the ability to execute effectively under pressure. This article explores the key roles, qualities, and dynamics needed to build a winning startup team. Key Roles in a Perfect Startup Team 1. The Visionary (Founder/CEO) The CEO is the driving force behind the startup, setting the vision and strategic direction. They are responsible for: ✅ Defining the mission and long-term goals. ✅ Making critical business decisions. ✅ Raising funds and building partnerships. ✅ Inspiring and leading the team. Key Traits: Strong leadership, decision-making ability, resilience, and networking skills. a guide on business BUY NOW  2. The Technical Expert (CTO/Head of Product) Every tech-driven startup needs a technical leade...
Read more