If you use a PAN card, then you do not need to keep a 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 cards will be shared with all. Now PAN card can be used as an identity card.
Businesses can also be started with a PAN card only.
Finance Minister Nirmala Sitharaman on Wednesday said Permanent Account Number (PAN card) would be used for common identification for all digital systems of government agencies.
This government step will help further promote the Ease of Doing Business in the country.
PAN is a ten-digit alphanumeric number allotted by the Income Tax Department to an individual, firm, or entity.
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 Vivid se Vishwas scheme.
The Vivad Se Vishwas Scheme provides for the settlement of disputed tax, interest, penalty,
or fee in respect of an assessment or reassessment order on payment of 100 percent of the disputed tax and 25 percent of the disputed penalty or interest or cost.
Why is a PAN card necessary?
Explain that the Income Tax Department issues PAN cards to every person in India.
With the help of PAN, the person paying income tax is known.
In such a situation, a PAN card is essential for an income tax return, taking mutual funds, and applying for loans.
PAN Card is considered an identity card for Indians. It is mandatory to have a PAN card for some activities such as income tax returns, mutual fund investment, applying for a loan, etc.
However, issuing a PAN card is to keep everyone’s financial information to meet tax-related goals.
PAN card will prove identity
Now you can use a PAN card to prove your identity along with financial transactions through a PAN card.
The real significance of the PAN card is the ten-character alphanumeric number printed on it.
These numbers are unique, i.e., one number can be with only one person.
In this way, as everyone’s DNA is different, everyone’s PAN number is also different.
The Income Tax Department gets specific information related to the cardholder from the PAN card number itself.
