What is PAN card used for?

The Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents nowadays. The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity.

What is the use of PAN card for students?

Advantages of Applying for Student PAN Card Identity Proof: A PAN card serves as proof of identity that is universally accepted by government as well as private institutions. For Loans: If you wish to avail of a loan, such as a student loan, you are required to submit your PAN card details.

Why is PAN card necessary for bank account?

PAN card is compulsory and is required for doing most financial transactions. The I-T department has made it mandatory to link your bank account with PAN. The main reason for this is that your income tax refunds will be credited directly to your bank account.

Who needs PAN card?

All Indian citizens having the source of income and valid proofs (as prescribed by the Income Tax Department) are eligible to apply for PAN card. Obtaining a PAN card or Permanent Account Number is mandatory for every tax payer or the person who needs to file an income tax return on behalf of self or others.

What is age required for PAN card?

As per section 160 of the Income Tax Act, even minors are eligible to apply for the PAN card as there is no age limit requirement specified in the Act. PAN card can be applied for children below 5 years and remain the permanent identity proof irrespective of change in the name or address.

At what age PAN card is made?

18 years
The minimum age limit for applying for a PAN card is 18 years. Can a Student Apply for a PAN Card? Students can apply for a PAN card as long as they are above 18 years of age. In case you are a minor (younger than 18 years old), your parents can apply for the PAN card on your behalf.

What is full form of PAN card?

Permanent Account Number (PAN) is a _________digit unique alphanumeric number issued by the Income Tax Department.

What are the benefits of having PAN card?

Here we have come up with some main benefits of having a PAN Card along with some reasons that suggest its importance. A PAN Card or Permanent Account Number is a unique 10-digit alphanumeric Identity Card that is allotted to every taxpayers by the Income Tax Department, under the supervision of the Central Board of Direct Taxes.

Which is the account number of PAN card?

PAN Card is a Permanent Account Number consisting of 10-digit alphanumeric number, which is used as an identity proof and issued under the Indian Income Tax Act, 1961. What is PAN card? What is the use of a PAN card? Who is eligible for PAN card? What are the benefits of having PAN card? Why having a PAN card is so Study at Home हिन्दीं

Is there an app in India for PAN card?

A mobile app has been developed by the Income Tax Department of India, which will allow people to pay taxes and track refunds. It will also issue PAN card on a real-time basis using Aadhaar’s eKYC facility. The app is linked to the Corporate Affairs Ministry’s portal.

Can a PAN card be used for tax evasion?

Of course not. PAN card still remains to be the universal identification key to track your financial transactions. Especially, when it comes to those finances that might have a taxable component to prevent tax evasion. Also, you would still need to have it for banking related things.