Permanent Account Number (PAN) Transaction Records
PAN Card as a Financial Identifier
The Permanent Account Number (PAN) is a ten-character alphanumeric identifier issued to all taxpayers in India by the Income Tax Department. It serves as a crucial identifier for tracking financial transactions and is mandatory for various financial activities.
Transactions Linked to PAN
Various financial transactions are linked to the PAN to facilitate taxation and financial regulation. These include:
- Income Tax Returns Filing
- Financial Investments (e.g., Mutual Funds, Stocks)
- Bank Account Transactions (High-value transactions)
- Property Transactions
- Credit Card Applications
- Transactions exceeding specified monetary thresholds
Accessing Information on Transactions Linked to PAN
Official channels through which taxpayers can access consolidated information about financial transactions linked to their PAN are:
- Annual Information Statement (AIS): This statement, available on the Income Tax Department's portal, consolidates details of various financial transactions undertaken by a taxpayer during a financial year, including details of TDS/TCS, information relating to interest, dividend, stock and mutual fund transactions, immovable property transactions, etc.
- Form 26AS: This is an annual consolidated tax statement also available on the Income Tax Department's portal. It provides a summary of taxes deducted at source (TDS), taxes collected at source (TCS), and advance tax/self-assessment tax paid by the taxpayer. It also includes details of high-value transactions.
Entities Providing Transaction Information
Various entities are responsible for reporting transactions linked to PAN:
- Banks
- Financial Institutions
- Registrars of Property
- Companies paying dividends or interest
- Stockbrokers and Mutual Fund Houses
Data Security and Privacy Considerations
Access to transaction information is restricted to the taxpayer and authorized personnel to ensure data security and privacy. The Income Tax Department implements various security measures to protect taxpayer data from unauthorized access and misuse.
Discrepancy Reporting and Rectification
In case of discrepancies or inaccuracies in the transaction information, taxpayers should report them to the respective reporting entities (e.g., bank, financial institution) for rectification. Taxpayers can also raise a grievance through the Income Tax Department's portal.