What is PAN CARD? What is the use of Income Tax Returns?

Answer 1

PAN is the short form of "Permanent Account Number." It is a measure undertaken by the Income tax department to track financial transactions. Since the number given to each person is unique, the department is able to identify the exact extent of transactions and correlate it with the total extent of taxes paid by the individual. Once its usage becomes mandatory, more people can be brought under the ambit of the tax net. It is an effective way to introduce a consumption tax regime. In short, it acts as a tax related smart card.

Answer 2

It is mandatory to quote PAN on return of income, all correspondence with any ... Income Tax Department has issued me a PAN card; can I obtain a new tamper ..
and you also refer www.incometaxindia.gov.in

Answer 3

PAN Card is the unique identificaion no. issued by the income tax deptt. to every assessee whether he is in receipt of any income or not. It is like a account no. allotted to you by the IT dept. This is used to locate your information and tax payment/refund details woth the dept.
The IT Returns are the proof of your income in the eyes of the Govt departments & can be used to assess your income tax liablility.
These are useful when you you require any kind of loan or have to proof that you are earning any sort of income.