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a pan card has many importance:-

1.it is manadatory to quote PAN on return of income,all corespondence with any income tax authority and challans for any payment duue to income tax department.

2.it is also compulsary to quote pan in all documents pertaining to economic or financial transactions notified form time-to-time by the central board of direct taxes.

3.some such transactions are sale and purchase of immovable property or motor vehicle or payments to hotels for bills or payments in cash of amounts exceeding RS.25000/-,in connection to travel to any foreign country.

4.it is also mendatory to mention PAN for obtainingt a telephone or cellular telephone connection .

5.likewise,PAN has to be mentioned for making a time deposit exceeding RS.50000/- with a bank or post office or depositing cash of RS.50000/- or more in bank.

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13y ago
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Q: What is benefit of pan card?
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