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If you have opened a bank account in recent times, you would already know that banks insist on your PAN number to open the account. Banks have been urging customers to submit their PAN numbers for KYC compliance too.
PAN number is being increasingly mandated in financial transactions to weed out the black money menace in the country. The government has also introduced measures like linking PAN with Aadhaar to implement a single identification system to remove duplicates, thus, bringing in the right amount of tax liable to be paid.
Continuing with these efforts, linking your PAN and bank account has been made compulsory. SBI urges its customers to link their PAN with their bank account to streamline various financial transactions. The customers also stand to benefit by linking their PAN & SBI Bank account.
About How To Link Pan Card With SBI Account
There are a few different ways to link your PAN with your SBI Account.
Linking PAN Card with the SBI Account online
Linking of PAN to your SBI Account through the Branch
PAN is an electronic system through which all tax-related information is recorded against a single PAN number for a person / company. This acts as the primary key to information storage, and is shared across the country. No two tax paying entities can therefore have the same PAN. Financial institutions and agencies require PAN, too. PAN Card is issued to individuals, businesses, Indians who are not resident or whoever pays tax in India.
PAN allows the department to connect all "individual" transactions of a person within the department. These transactions include tax payments, TDS / TCS credits, revenue returns, transactions listed, correspondence etc. Therefore, PAN acts with the tax department as an identifier for the "individual."
PAN has been developed to facilitate the linking of various records, including tax payment, assessment, tax demand, tax arrears etc. relating to an assessed individual, to facilitate the easy retrieval of information and to facilitate the matching of information relating to investment, the raising of loans and other business activities by taxpayers collected from various sources, both internal and external.
PAN is mandatory for all tax paying citizens. It has to be mentioned on your income tax returns. Here are some of the applications of the PAN number:
By mentioning your PAN number on these transactions, the government is able to keep track of the financial transactions you have carried out in a year and levy corresponding income tax on a citizen.
TDS is Tax Deducted at Source. It is the tax deducted from incomes such as rent, salary, commission, professional fees, interest, etc. It is deducted by the person making the payment before it is credited to the beneficiary. This TDS is then deposited to the Government by the deductor against the deductee’s PAN number.
Your TDS is linked to your PAN number. This allows you and the government to conveniently track the tax that you have paid to the income tax department. You can check your TDS statement using Form 26AS.
There are two ways to check your TDS status; PAN Card is an important input criterion to check your TDS status online. You can either check the status through the TDSCPC Portal or through the Income Tax e-Filing Portal. Both these portals require your PAN Number.
Alteration Of Name In PAN Card After Marriage
Ao Code For PANcard
Bulk PAN Verification
Documents Required For PAN Card
Download E PAN
Duplicate PAN Card Or Reprint PAN Card
Fees And Charges For PAN Card
Form 60 PAN Card Not Available For Rule 114b Transactions
How Is PAN Verification Done
How To Check PAN Card Delivery Status
How To Check Tds Status Through PAN Card
How To Check Your PAN Aadhaar Linking Status
How To Link Aadhaar Card And PAN Card
How To Link PAN Card To Axis Bank Account
How To Link PAN Card To Canara Bank Account
How To Link Pan Card To HDFC Bank Account
How To Link Pan Card To ICICI Bank Account
How To Link PAN Card To Kotak Mahindra Bank Account
How To Link PAN Card To Paypal Account
How To Link Pan Card To PNB Account
How To Link Pan Card With UCO Bank Account
How To Link PAN With Epf Account
How To Link PAN With Your Bank Account
How To Track PAN Card Status
Instant PAN Using Aadhaar
Know Your PAN
Know Your Tan
Lost PAN Reapply
PAN Card Application
PAN Card Customer Care Number
PAN Card Details
PAN Card Eligibility
PAN Form 49a
PAN Form 49aa
PAN Number For Income Tax
Permanent Account Number PAN Form
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application