One must be lest assured of the fact that in order to prove that you are the citizen of any country one has to prove it by producing certain documents. These documents are the ones that decide the authenticity of the identity that you pose to have. Different countries have different documents that are use to prove the identity for the country’s citizens. Just like the other countries of the world, India too has many cards that are to be used when one is needed to prove the identity of being an Indian. The documents used for the desired purpose are Voter Id cards, Ration Cards, Pan Cards, etc. According to many intellectual brains the Pan Card is more often than not considered to be the perfect document to prove one’s Indian Identity.
What is a Pan Card?
The full form of Pan Card is Permanent Account Number. The Permanent Account Number or better known as the Pan Number is a unique identification number that is given to every legitimate individual of the Republic of India. The Pan number is a completely unique number which is a mixture of numbers and alphabets in a completely distinct combination. The Pan Card is issued by the Income Tax Department of India. The Pan Card was introduced into the system of Indian Administration under the Indian Income Tax Act of 1961. It is a completely unique identification code for every individual which is not affected by the increasing age or change in the addresses irrespective of whether the change is inter – state change.
Why is the Pan Card Required?
The Pan Card is issued by the Income Tax Department of the Government of India. Thus, it is quite obvious that any and every financial interchange will require the use of Pan Card. The Pan Card is required for filing of Income Tax on the return of Income. From the year 2005, it is mandatory that the Pan Card Number of the Owner to be used in every bill that he or she issues. Apart from these, The Pan Card Number is also required in the events to buying or selling of properties that are worth a total of 5lakhs or more in Indian National Currency, the Pan Card Number is also required for buying of Vehicles, transaction of Money amounting more than 50000 INR from any banking institution, etc.
What is the Importance of Pan Card?
The Pan Card is one of the most important identity documents that one can use when it is needed to prove one’s identity. The Pan Card is also extremely important because of the fact that it involved the direct authority of the Income Tax Department. Thus, when a Pan Card is issued under the name of a certain individual, the person’s financial activities comes under the direct scrutiny of the Income Tax Department of the Government of India. Thus one can be lest assured that the Pan Card is of prime importance and ought to be taken care of!