No Pan Card ? Get Ready to Shell Out 20% of the Income
Times Of India March 31, 2010
It is mandatory to provide PAN card number to your bank or else they will deduct 20 % tax from your income from the account.
Permanent Account Number (PAN) is a ten digit alphanumeric identifier, issued by the Income Tax Department (India). All existing assessees or tax payers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN. Here is the Times Of India Article