Financial Transactions in Which Quoting of PAN is Mandatory
Financial Transactions in Which Quoting of PAN is Mandatory https://www.fundstiger.com/financial-transactions-quoting-pan-mandatory/ PAN is a very useful tool to estimate the total tax revenue being generated in the country and to be used as an identification document is not its primary job. Although Aadhaar is gradually gaining more importance than PAN – a ten-digit unique alphanumeric number issued by the Income Tax Department – however, PAN is still important, especially for financial transactions. According to experts, PAN is a way for the Income Tax Department to keep tabs on your financial dealings whereas Aadhaar’s main purpose is to create a centralized database of each citizen residing in India. PAN, in fact, is a very useful tool to estimate the total tax revenue being generated in the country and to be used as an identification document is not its primary job. Aadhaar, on the other hand, authenticates a person’s identity as it is linked with the name, photograph, and b...