Permanent Account Number or PAN is unique, national, permanent, and means of identifying various taxpayers in the country. PAN is a 10-digit unique identification alphanumeric number (containing both alphabets and numbers) assigned to Indians, to monitor all financial transactions.
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Each PAN card has a unique ten-digit identifying number that serves as a valid identity proof. Just like than voter card PAN card is accepted by all Financial Institutions and other organisations as identity proof.
All individuals and entities who are eligible for Income tax are expected to file their IT returns will need the PAN card. PAN card is important to track the inflow and outflow of your money and thus required paying income tax, receiving tax refunds, and communicating with the Income Tax department.
It has been stated that a PAN card is required for tax filing. As per law if the entity or person has not linked the PAN number with his bank account, and the annual interest earnings on savings deposits is more than Rs. 10,000/- then the bank would deduct 30% TDS instead of 10%. Thus to be eligible for the refund having a PAN card is essential.
Many times, the TDS deducted from a taxpayer’s income is more than the actual tax that he is supposed to pay. Thus in such cases, there is a need to get a refund and with the help of a PAN card, one can claim the refund.
1299+ GST 18%
13000+ GST 18%
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department.
A PAN card has such number AABPS1205E.
It is the statutory responsibility of a person receiving document relating to economic or financial transactions notified by the CBDT to ensure that PAN has been duly quoted in the document.
In case of any correspondence with the income tax authority, it is mandatory to quote PAN on return of income. From 1 January 2005, it has become mandatory to quote PAN on challans for any payments due to Income Tax Department.
It is also compulsory to quote PAN in all documents related to financial transactions notified from time to time by the Central Board of Direct Taxes. Some such transactions are sale and purchase of immovable property or motor vehicle or payments in cash, of amounts exceeding Rs. 25,000/-to hotels and restaurants or in connection with travel to any foreign country. It is also mandatory to mention PAN to avail a telephone, cellular telephone, electricity, LPG and more such connection. Moreover if one desires to buy a motor vehicle or immovable property worth over Rs. 10 lakh then it is mandatory to have a PAN card.
A. Yes, it is compulsory as per law to quote PAN on return of income.