What is the use of PAN CARD

The PAN card, which stands for Permanent Account Number, is a unique ten-character alphanumeric identifier issued by the Indian Income Tax Department. It serves multiple purposes and is primarily used for the following:

Use of PAN CARD:

• Income Tax Identification: The PAN card is primarily used as identification for individuals, entities, and companies when dealing with the Income Tax Department in India. It is mandatory to quote the PAN for various financial transactions, including filing income tax returns, receiving a salary, or engaging in any business or professional transactions that attract tax liabilities.
• Financial Transactions: PAN is required for various financial transactions, such as opening a bank account, making high-value transactions, purchasing or selling assets like property or vehicles, and investing in the stock market or mutual funds.
• Identity Proof: The PAN card is widely accepted as a valid identity proof in India. It is often used as an identity document for various purposes like applying for a passport, getting a new SIM card, or verifying identity in government and private institutions.
• TDS Certificate: Individuals receiving income on which Tax Deducted at Source (TDS) has been deducted can use their PAN to obtain TDS certificates and claim the TDS amount while filing their income tax returns.
• Starting a Business: For starting a business or forming a company in India, PAN is required for registration and compliance with tax-related regulations.
• Claiming Tax Refunds: PAN is essential for claiming income tax refunds from the Income Tax Department.

Remember, the PAN card is specific to India and serves different purposes in other countries. If you are not an Indian resident or taxpayer, there may be similar identification systems specific to your country's tax laws and regulations.