Know TIN/ VAT/ CST Number:
The PAN is short name of Permanent Account Number. It is a unique ten-character alphanumeric identifier number allotted for all taxpayer by the Income Tax Department. It doesn’t mandatory for all people to get pan card especially if you don’t file income tax returns or not engage in any big financial transactions. Every day almost 50 to 60 persons are applying for the getting PAN number. Now people can check their PAN own way without any cost and without sending any request.
Know Your PAN:
Among some various purpose, you must have the Pan number like when you buy or sell immovable properties, you buy automobiles, any banking work, etc. if you have PAN card it is very beneficial for you. The advantages of the PAN is to Income Tax department helps to track all your financial dealing if you have the file of all TDS returns of the previous years. You can avoid the deduction of tax at any higher rate due to PAN number; it is the big advantages of PAN number.
The PAN card carries your photograph, name, and address; it is a significant proof of your nationality. Any TDS cannot deduct without pan card. With a valid pan card, you can sell or buy any property, make any financial transaction and obtain cell and landline connections. Any bank account can open and operate efficiently with a valid pan number. The PAN card is a universal identification of the person.
For applying PAN card use form 49A and 49AA. To get more details about pan card at www.incometaxindia.gov.in. You need to copies of proof of Identity and address. It is a valid number use in all over India. In the PAN numbers first five characters are letters, next four are numerals, and the last character is the letter.
How to Know Your PAN:
PAN is also important for foreign citizens, who want to undertake business in India they must have pan card. If you purchase high-value jewelry for amount Rs.5,00,000, it must require buyers PAN number. If you were opening a fixed deposit account or cash deposit for the amount more than Rs.50,000 it any bank needs the PAN number.