PAN CARD INDIA

According to a press release issued on 8 January, the Central Board of Direct Taxes (CBDT) has amended the income-tax rules and asked all banks to link the Permanent Account Number (PAN) or Form No. 60 (where PAN is not available) to all existing bank accounts by 28 February 2017, if not done already. However, the ‘Basic Savings Bank Deposit Accounts’ (BSBDA) are excluded from the necessary compliance norms of this rule. BSBDA are small bank account and they are subjected to various limitations. For instance: total credits in such accounts should not exceed Rs1 lakh in a year, the maximum balance in the account should not exceed Rs50,000 at any time and the total withdrawals (cash or transfers) should not exceed Rs10,000 in a month. If you have not yet provided PAN or Form No. 60 for your bank account, do so at the earliest to avoid unnecessary hassles later. The background Post-demonetization, several amendments were made to track black money making its way into the banking

 Importance of PAN Card –  Why is PAN Card Needed Permanent Account Number(PAN) is more than an ID proof only. PAN is a 10 digits unique identifier. The income Tax department has the responsibility of issuing the PAN card under the CBDT’s supervision. Most of the people will be unaware of the fact that the PAN card is also issued to foreigners on Valid Visa. Therefore it must be noted that PAN doesn’t serve as the proof of Nationality. The PAN remains unaffected with the change in the address. When issued to person,it remains same throughout the life time. It also plays an important role in providing the transparency in transactions between seller and buyer. If you haven’t applied for the PAN card yet, check how to apply for new PAN .  In this post i have listed the various advantages of PAN card . Why PAN card is Important: PAN Card helps you in any type of problems in TAX It can be presented as ID proof in any government or private institute. Nobody can ask