Permanent Account Number-PAN
is our identification with Income Tax Department. Income Tax department
links various transactions entered by someone with
his/her PAN. Presently its mandatory to quote PAN at many places. Apart
from being mandatory in many cases, PAN also works as an identity
proof and also as a Date of Birth proof (DOB) at most of the places.
Lets try to understand about what these ten alphanumeric characters of our PAN represent.
all must be aware about how PAN machanism works? Income Tax
department has tried to make use of PAN in most of high value financial
transactions. Where ever PAN is disclosed, the transaction will
automatically be linked to that PAN and can easily be traced at
IncomeTax. This way IT people try to streamline and link different
transactions entered by a PAN holder.
Now as the systems are
automated, you can also view various transactions under your PAN which
to Income Tax department, by viewing your 26AS
Making PAN mandatory in
high value transactions is a move to control the flow of undisclosed
money to some