Every individual or business entrepreneur requires to open a savings/current bank account, needs to submit some specified KYC documents among which PAN is the most essential document.
Government has specified certain transactions where quotation of PAN is mandatory. Amount is specified for property transfer, bank deposit, payment of bills and more.
Every person, deducting or collecting tax at source must mention own PAN and also of the deducted. By quoting a PAN, the tax credit will be associated with concerned person’s account.
Pan Card is accepted as identity proof for every individual and all the way to the businesses. From opening a bank account to Government registration, PAN card of individual or business is a primary requirement.
For filing individual’s or businesses ITR, quoting Permanent Account Number is a must. All the information filed is associated with PAN for faster assessment and processing.