why pan card is required

A Permanent Account Number (PAN) Card is essential because it acts as a unique financial identifier for every taxpayer in India, ensuring regulatory and tax compliance. It is mandatory for:

• Filing Income Tax Returns (ITR).
• Opening bank and Demat accounts.
• Financial transactions, loans, and investments above a certain limit (e.g., purchasing property over ₹10 lakh).
• Enabling the Income Tax Department to track high-value monetary transactions and prevent tax evasion.