Pan card

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GITANSHU KHORIWAL

GITANSHU KHORIWAL (Querist)
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13 July 2012 what are the advantages or benefits of having a pan card? And is there any demerit also.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 July 2012 PAN Card is nowadays forming a very important proof towards the Photo Identity of the Individual. It is not necessary that you must have taxable income for obtaining a PAN card.
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The demerits are related with the misuse of it. Avoid misuse of PAN. Also do not do any transaction in the bank account, or enter into, to which you can not explain.
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GITANSHU KHORIWAL

GITANSHU KHORIWAL (Querist)
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14 July 2012 sir is there anything like that if we are having a pan card then we cannot escape from our tax liability.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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14 July 2012 If your income is taxable, it's our duty to file your IT Return. Please contact any of the CAs and get filed your Return to enjoy the PAN Card benefits as well as to avoid any painful experience from the IT department's side.
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