Get set for the new regime of PAN 2.0

PAN acts as Financial Passport and is a sine-qua-non for series of transactions—missing PAN can cost you dear!

- JIGAR MUKESH PATEL

Permanent Account Number (PAN) is the unique identification alphanumeric number assigned to taxpayers by the Income-tax Department. It provides a distinct identity for individuals and businesses, enabling tax authorities to link financial transactions, investments and tax liabilities to the respective PAN holders. This aids in maintaining transparency and accountability throughout the taxation process. The existing PAN database consists of close to 78 crore PANS.

Importance of having PAN

PAN is sine-qua-non for entering into a number of prescribed financial transactions. It is a prerequisite for opening bank accounts, investing in securities, purchasing or selling immovable property and engaging in highvalue transactions. It is also required for fulfilling taxpayer obligations and filing of incometax return.

Higher TDS/TCS if PAN not quoted?