query
Jameer
(Querist) 28 July 2011
This query is : Resolved
sir i owned a PAN card will u please explain what is its use.what are its merits and demerits.
Thank you
Advocate Rajkumarlaxman
(Expert) 29 July 2011
As the name suggests, PAN is a Permanent Account Number, and does not change in your lifetime. It remains the same irrespective of any change in your contact details etc. You can have only one PAN Card and you can apply for a duplicate one if you lose it. But even then your number remains the same.
It is called the Permanent Account Number, an alphanumeric number containing 10 digits. You get it in the form of a PANCard, a laminated card with your picture and basic information. It looks more like an India ID card and can be used as an Identity proof issued by the government.
Advocate Rajkumarlaxman
(Expert) 29 July 2011
as stated PAN stands for a Permanent Account Number which is a 10 digit alpha-numeric code generated by the Income Tax Department of India. The tax department has made it mandatory for everyone (including NRIs, PIOs & Companies) who wish to conduct any type of investments and financial transactions in India. Carrying business, filing or paying taxes, investing in India, buying a property, opening a bank or demat account, etc.. NOW require a PAN number
K.S.Srinivas
(Expert) 29 July 2011
As explained by the experts there are merits only and no demerits.
prabhakar singh
(Expert) 29 July 2011
WHILE I AGREE WITH EXPERTS I WANT TO KNOW WHY
YOU GOT IT EVEN WITHOUT KNOWING YOU NEED IT.
Ravi Kumar
(Expert) 29 July 2011
As the name indicates, PAN is a Permanent Account Number. It can be hold by any individual, HUF, Company, Firm, Society, Trust etc. There is no demerits of it but many uses like in purchasing properties, opening bank accounts, opening demat accounts, starting any business, etc. It can be used as an Identity Card of the holder.
