Avoid using PAN card as a birth certificate – Say that the PAN is over
PAN (permanent account number) was established in early 1972 (long series format). The PAN card is very important and has a “document”. It provides the Income Tax (IT) department to link all financial transactions to a person with a department.
The PAN card should only be used when required by the Ministry of Finance and other defined rules at any time. If you use the PAN card as proof of Identity, there are likely to be a misuse of financial fraud, crime and fraud. It can be used to fulfil bench sales.
It is therefore important to know when and when the PAN number will be used.
What is the PAN Card?
PAN has a maximum of 10 digit code, issued by a card condition by the Department of Finance. PAN works to link different documents; paying individual taxes, investment information, borrowing etc.,
Financial transactions in which the quotation from PAN is compulsory
Below is a financial transaction in which your PAN is compulsory. All these new laws will be implemented from 2016.
- As in the 2015 budgeting of the PAN, it is compulsory for each purchase or sale to exceed Rs 1 Lakh.
- New law: This limit has already increased to Rs 2 Lakh. These deals can be in cash or card.
- On the sale or purchase of any immovable property in Rs 5 Lakh or more.
- New constraint: The monetary limit for PAN quotation for selling or buying immovable property increased to Rs.10 Lakh from Rs.5 lakh. Valuable property valuation of a stamp with a value exceeding Rs.10 lakh also requires PAN.
Income Tax Administration Some of the changes to the existing PAN design are presented below. Accordingly, new PAN cards will be issued with the combination of these changes. Please note that the holder of the PAN card is not required for the new PAN card.
- QR Response Code (QR) with accurate information from the PAN applicant in the PAN card is used to validate the PAN card.
- Myths are included in your name, father’s name, and birthday history. The position of the pan and the signature has changed
- The position of the pan and the signature has changed.