PAN Card, which means Permanent Account Number, is one of the primary documents required for every Indian who is eligible as a taxpayer. PAN is issued by the Income Tax Department under the Indian Income Tax Act, 1961. PAN Card is a 10-digit alpha-numeric unique code allocated to any "Person" who applies for it, whether Indian or foreigner. PAN Card issued to any person can use it for filing Income tax as well as significant Identification proof. To Apply for Pan Card in Maharashtra, one can download the Pan Application mentioned on government websites. And submit it to a recognized PAN agency in a respected district/ tehsil or Online on websites of NSDL, UTI along with mandatory documents like ID Proofs, Address Proofs, Photograph, Birthdate proofs, and fees.
Importance of PAN Card
The Primary Purpose of the PAN Card is to help the government keep track of Taxpayers' financial transactions and avoid tax evasion, specifically by high taxpayers who can impact the economy. Pan Registration In India is mandatory in many financial dealings and for opening new bank accounts, new phone connections, Demat Accounts, Foreign Currency Exchange, Bank transaction of more than Rs.50000, loans, sale of vehicles and immovable properties, etc. PAN also plays a vital role as Significant ID Proof for Indians as well as foreigners, though it is not a proof of citizenship for foreigners.