why pan card is necessary

PAN is necessary as it is a crucial identification document for all financial and tax-related activities in India.

• It is mandatory for filing Income Tax Returns (ITR) and helps the Income Tax Department track all your financial transactions.
• You need a PAN to open most bank accounts, apply for credit or debit cards, and obtain loans.
• Quoting your PAN is compulsory for high-value transactions like cash deposits exceeding ₹50,000 and the sale or purchase of property over ₹10 lakh.