why do we need a pan card

A Permanent Account Number (PAN) is essential as it serves as a unique ten-digit alphanumeric identifier for your financial and tax-related activities in India. Issued by the Income Tax Department, it helps the government track high-value transactions and prevent tax evasion.

• It is mandatory for filing Income Tax Returns (ITR).
• A PAN is required for opening a bank account, applying for a credit or debit card, and for investments like mutual funds exceeding ₹50,000.
• It is compulsory to quote your PAN for high-value transactions, such as cash deposits exceeding ₹50,000 or property transactions above ₹10 lakh.