Posted on: July 25, 2011 Author: Sudhir Kaushik
Permanent Account Number (PAN) is a ten digit alphanumeric number. It is issued in the form of a laminated card (called PAN Card), by the Income Tax department.
PAN Card: Key Points to Remember
However, it is very important that you fill the same details as mentioned in your PAN Card while filing your income tax return. Hence, make sure that you enter your Name, Date of Birth, and Father’s Name as it is specified on your PAN card to avoid rejection of your return by the income tax department. You can verify your PAN at this link https://incometaxindiaefiling.gov.in/portal/knowpan.do.
When you need a PAN Card
You need to quote the PAN when you make transactions like:
Incorrectly quoting a PAN will make you liable for a penalty of Rs. 10,000. PAN is your personal identity. Don't disclose it unless required. Keep a laminated photocopy of PAN card for use & keep the original PAN card at a secure place. It is a good practice to keep your PAN Card handy while filing income tax return.
Sudhir Kaushik has been a practicing tax consultant for the last 17 years. He is a Fellow Chartered Accountant and conducts seminars in large companies to help salaried employees with income tax and investment queries. Sudhir brings domain knowledge of income tax laws and their compliance difficulties faced by individuals. He is the author of Income Tax Handbook For Salaried Employees for smart financial planning and investments for salaried people. He enjoys an excellent reputation and has a strong network in the corporate sector and public sector undertakings.
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