Do you have a PAN card in your pocket, a big announcement was made in the budget regarding this, if you know then you will be benefited

PAN card: If you use PAN card then this news is useful for you. Actually, Finance Minister Sitharaman has made a big announcement regarding PAN card in the budget 2023. In Budget 2023, the Finance Minister has given a new identity to the PAN card. Now the use of PAN card will be common for all. Now you can use PAN card as a Common Identifier. Along with this, any business can also be started with PAN card only.

PAN is a 10 digit alphanumeric number allotted by the Income Tax Department to an individual, firm or entity. With this step of the government, KYC rules will be simplified and there will be ease in doing business. It is expected to simplify the KYC process and make it easier for the Income Tax Department and other government agencies to manage the documents of PAN cardholders.

read this also: Big responsibility of Birla Group on the shoulders of 28-year-old Ananyashree, will now handle business with melodious voice

Promotion of Ease of Doing Business
The Finance Minister on Wednesday said that Permanent Account Number (PAN card) will be used for common identification for all digital systems of government agencies. This step of the government will help in further promoting Ease of Doing Business in the country. For commercial establishments, PAN will be used as a basic document.

KYC process will be simple
The Finance Minister has said that the KYC (Know Your Customer) process will be simplified by adopting risk-based criteria. Financial sector regulators will be encouraged to put in place such a KYC system that can meet the need of Digital India.

read this also: Income Tax: If you earn 10 lakh, 50 lakh or 1 crore annually, then how much tax will have to be paid now

The existing process of identification, matching and correction of addresses by various government agencies, institutions, regulatory agencies will be facilitated in such a way that all identification and matching work can be done from one place. Kumar Shekhar, deputy country manager, Tide India, said the proposal is expected to boost financial inclusion. Apart from simplifying the KYC process, the move is also expected to increase financial inclusion for individuals and business owners.

First read breaking news in Hindi News18 Hindi| Read today’s latest news, live news updates, most reliable Hindi news website News18 Hindi.

Tags: aadhaar pan linking deadline, budget, business news in hindi, FM Nirmala Sitharaman, pan card