If you use PAN card then you do not need to keep PAN card at home. Because now PAN card will be valid in the whole country as an identity card. In Budget 2023, Finance Minister Nirmala Sitharaman has given a new identity to PAN card. The use of PAN card will be common for all. Now PAN card can be used as an identity card. Business can also be started with PAN card only.
Finance Minister Nirmala Sitharaman on Wednesday said Permanent Account Number (PAN card) will be used for common identification for all digital systems of government agencies. This step of the government will help in further promoting Ease of Doing Business in the country. PAN is a 10 digit alphanumeric number allotted by the Income Tax Department to an individual, firm or entity.
Along with this, he also said that if the MSMEs fail to execute the contract, 95 percent of the performance security will be returned to the small businesses as part of the Vivad se Vishwas scheme. The Vivad Se Vishwas Scheme provides for settlement of disputed tax, interest, penalty or fee in respect of an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
Why is PAN card necessary?
Explain that Income Tax Department issues PAN card to every person of every India. With the help of PAN, the person paying income tax is known. In such a situation, PAN card is very important for income tax return, taking mutual funds and applying for loans.
PAN Card is considered as an identity card for Indians. It is mandatory to have a PAN card for some activities such as income tax return, mutual fund investment, applying for a loan, etc. However, the main purpose of issuing a PAN card is to keep everyone’s financial information in order to meet tax related goals.
PAN card will prove identity
Now you can use PAN card to prove your identity along with financial transactions through PAN card. The real significance of the PAN card is the 10 character alphanumeric number printed on it. These numbers are unique i.e. one number can be with only one person. In this way we can say that just as everyone’s DNA is different, similarly everyone’s PAN number is also different. The Income Tax Department gets specific information related to the cardholder from the PAN card number itself.
If you use PAN card then you do not need to keep PAN card at home. Because now PAN card will be valid in the whole country as an identity card. In Budget 2023, Finance Minister Nirmala Sitharaman has given a new identity to PAN card. The use of PAN card will be common for all. Now PAN card can be used as an identity card. Business can also be started with PAN card only.
Finance Minister Nirmala Sitharaman on Wednesday said Permanent Account Number (PAN card) will be used for common identification for all digital systems of government agencies. This step of the government will help in further promoting Ease of Doing Business in the country. PAN is a 10 digit alphanumeric number allotted by the Income Tax Department to an individual, firm or entity.
Along with this, he also said that if the MSMEs fail to execute the contract, 95 percent of the performance security will be returned to the small businesses as part of the Vivad se Vishwas scheme. The Vivad Se Vishwas Scheme provides for settlement of disputed tax, interest, penalty or fee in respect of an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
Why is PAN card necessary?
Explain that Income Tax Department issues PAN card to every person of every India. With the help of PAN, the person paying income tax is known. In such a situation, PAN card is very important for income tax return, taking mutual funds and applying for loans.
PAN Card is considered as an identity card for Indians. It is mandatory to have a PAN card for some activities such as income tax return, mutual fund investment, applying for a loan, etc. However, the main purpose of issuing a PAN card is to keep everyone’s financial information in order to meet tax related goals.
PAN card will prove identity
Now you can use PAN card to prove your identity along with financial transactions through PAN card. The real significance of the PAN card is the 10 character alphanumeric number printed on it. These numbers are unique i.e. one number can be with only one person. In this way we can say that just as everyone’s DNA is different, similarly everyone’s PAN number is also different. The Income Tax Department gets specific information related to the cardholder from the PAN card number itself.
