PAN is a 10 digit alpha-numeric identity,issued in the form of a laminated card to all person and entities that are required to pay Income Tax and perform certain high-value transactions.PAN Card is issued by Income Tax Department under the supervision of Central Board of Direct Taxes.PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits. Once a PAN Card is issued, no continued compliance filings are necessary and it is valid for lifetime of the entity.It also serves as an identity proof.
The Finance Act 2015 proposes quoting PAN mandatory for buying jewellery valued at Rs 1 lakh or more. The primary objective of PAN is to track financial transactions to prevent tax evasion. Legaltree can help you obtain your PAN Card quickly and hassle-fee.
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