PAN card for all,No, possessing a Permanent Account Number card is not obligatory for all Indian citizens. However, it is mandatory for specific financial transactions and activities.
The following are some instances when it is mandatory to have a Permanent Account Number
Filing Income Tax Returns (ITR): Anyone who has an income that is taxable under the Income Tax Act, 1961, needs to have a PAN card to file their ITR.
Bank Account Opening: When opening a savings or current account at a bank, it is mandatory for customers to provide their PAN (Permanent Account Number) details.
Making investments: Permanent Account Number card for all is mandatory making investments in shares, mutual funds, bonds, and debentures.
Buying or selling property: PAN is mandatory for any sale or purchase of immovable property valued at Rs. 10 lakhs or more.
Applying for loans: Banks and other financial institutions require PAN details while processing loan applications.
International travel: PAN card is mandatory for any cash transaction of Rs. 50,000 or more made during international travel.
Thus, while a PAN is not mandatory for all citizens, it is an essential document for financial and taxation-related transactions. It is recommended that every citizen apply for a PAN card to avoid any inconvenience in the future.
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