PAN Card Details
Every citizen of any country around the globe requires to produce an authorized document that proves that he or she is a citizen of that nation. These documents are those which authenticate the citizenship of a person in his country. There are many such documents issued by the Government of various countries. Similar to all the countries in the world, India also has its own set of authorized documents which serve the same purpose.
The cards like Driving License, PAN Card, Ration Card, Voter ID Card, Aadhar Card are all those which help in verifying the identity of an individual. These cards are asked for in various Government formalities and other important works like admission in school, college, paying income tax, etc. according to various learned and intellectual people, the PAN card proves out to be the best document for proving one’s identity and citizenship.
Details about PAN Card
The word PAN of a Pan Card is the abbreviated form of Permanent Account Number, which is also called a unique identification number. This unique number is provided to every legitimate individual in the country. The PAN number is a combination of alphanumeric characters and is a distinct combination which always remains unique for each individual.
The PAN Card is issued by the Income Tax Department of India. This procedure was started long back in the year of 1961 and since then has been continued as the best way to prove the identity of an individual. The PAN card has an important feature that it does not get affected by any change in the age or the address of the individual. It remains the same throughout the lifetime of an individual and so is the most trustworthy proof of one’s identity.
The Pan card is issued by the Income Tax Department of India which clearly states that it is needed in each and every financial interchange. It is required for filing the Income Tax on the return of Income and since 2005, it has been made mandatory to use the Pan Card Number on all the bills issued by an individual. The card is also required on any monetary transaction of 50000 or more in Indian currency. Just like in the property dealings, in buying of vehicles or even if the transactions are made with any banking institution.
Why is PAN Card Important?
The Pan card is important in many cases and at many places. It has been proved as the most reliable identity proof because of the procedure followed in issuing it. Even after once it has been issued, it follows some guidelines which make it inevitable. There is one more reason for the PAN card to gain that much importance which is because it is issued by the Income Tax Department. The direct involvement of the Government Authority in the issuing of Pan Card also make it easy for managing all the financial issues easily in a consolidated form.
This concludes that the moment a person is issued a Pan Card, all his or her financial activities come under the critical observation of the Income Tax Department which also examines the accounts of these Card holders. This practice helps in avoiding various unethical and illegal acts around a person in the country.