What is PAN CARD?
Permanent account number or PAN Card is an important financial document in Indian Law. It serves a reference point to all your financial transaction. It is a mandatory document for these things
- Pan Card is mandatory to open any bank account.
- To do any land deal you need Pan card and is a mandatory document
- To open a fixed deposit account you need a pan card
- Now a days to do trading and to buy shares also you need a Pan card and is a mandatory document
- To buy any LIC policy also you would required Pan card
- and the last point which is the most important point that is to fill in tax details PAN number is mandatory and is of utmost important.
Basically to do any financial activity you would need a pan card and is one of the most important document that everyone should have.
We have provided what is Pan card and the importance of the same. But if you had applied for a new pan card and are not aware about the status then what? Well in this online world you can check the Pan Card Status online and it is very simple.
Step by Step process on how to check Pan Card status Online
Below is the official link by which you can check pan card Status. Please follow this link to check it.
You should either enter the acknowledgement number that was generated while applying PAN Card or
Your personal details (Name and Date of Birth)
Click on the submit button and you will come to know the status of your Pan card application.
As said above all the financial transaction you do is now monitored by Income tax department using this PAN CARD. You can see FORM 26 AS to see how this PAN Card helps Income tax department and financial institutions to collected tax related data in a centralized place.
The only problem that Indian government is facing right now is a person can open multiple PAN CARD using different credential to forge Income Tax department. This has became a common practice and we should not follow as taxes will indirectly benifit us to have a better country. Also government is currently working on Aadhar card and once Aadhar card would be rolled out the PAN Card would be attached to Aadhar card so that the Duplicated PAN will become a history. But as a citizen of India we need to update correct Pan number everywhere.