PAN Card

Why PAN Card is Necessary

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The Income Tax Department of Indian makes it mandatory to mention the PAN Card number while filing income tax returns for any type of taxable income earned by the citizens of India.

Following are the circumstances when the Permanent Account Number allotted through PAN Card is required to mention to make the financial transactions concerned:

  • A resident or non-resident Indian willing to open a bank account in the country must mention PAN card details.
  • While depositing funds more than Rs. 50,000.
  • It is necessary to mention when demat or trading account is opened for investment in Indian stock market.
  • While purchasing securities exceeding Rs. 1, 00,000.
  • For the issuance of demand drafts for more that Rs. 50,000.
  • While depositing cheques of more than Rs. 50,000.
  • When buying or selling property in the country.
  • While buying or selling cars.
  • To make payments exceeding more than Rs. 25,000 for travel expenses.
  • To submit TDS return to the income tax department.

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