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why pan card is needed
The Permanent Account Number (PAN) is necessary because it serves as a crucial, unique identifier for all financial and tax-related transactions in India, issued by the Income Tax Department. It is essential for ensuring tax compliance and transparency in high-value monetary dealings.
- Filing Income Tax Returns (ITR) is mandatory.
- It is required for opening bank accounts, applying for credit cards, and making cash deposits exceeding ₹50,000.
- PAN is compulsory for major investments like mutual funds, stocks, and the purchase or sale of immovable property exceeding ₹10 lakh.
- It links all your financial records to a single identity, helping the government track income and prevent tax evasion.