Why You Need A PAN Card
A PAN card is an essential document for a variety of reasons. The card; mostly a ten-digit alphanumeric number issued by the income tax department is crucial when filing tax returns and conducting various transactions that requires one to identify themselves. Anyone who has this card can use it for a variety of purposes.
One occasion when this card comes in handy is when making post office and bank transactions. For instance, the disclosure of this card is essential before you make a time deposit of equal or more than fifty thousand rupees to a bank. The disclosure of this card is also essential when making a cash payment of equal or more than fifty thousand to purchase orders, banker's draft or cheque.
It is also important when making money-related applications to banks and other institutions that deal with money transactions. Most institutions need this card to evaluate anyone applying for their services to determine whether they are eligible for the service that they are applying for. It also enables banking institutions to determine if someone is eligible of getting a credit card from their institutions or not.
When paying a trip to a foreign country that exceeds Rs. 25,000, the card is also essential. These payments include cash payments made for purchase of foreign currency, towards fare or to a tour operator. A person also needs the card when making cash payments exceeding Rs. 25,000 to restaurants and hotels.
The PAN card number should also be included during a sale or purchase of immovable property valued at five lakh. As the buyer, you are required to make sure you get the permanent account number of the person selling such property. In the case when the property is co-owned, you should make sure you get the permanent account number of the people that own such property.
During the purchase or sale of a vehicle that requires registration, the disclosure of the card details is also essential. This is mostly common with vehicles that have more than two wheels and not operated within enclosed premises. The main reason for factories and premises purchasing vehicles not to disclose this card is that most of them have already set their reputation and ways of paying taxes.
You would also need the card when making payments for purchase of units of mutual fund. Before acquiring company shares through public issue or debentures of an institution or company, people would also need to show this document. It is also a mandatory when acquiring bonds from banks and other financial institutions.
It is also one of the most important documentations for anyone looking to install phone connections. These are mainly connections related to cellular phones and telephone systems. People usually prefer the use of this card in such instances as it ensures better levels of transparency for all the transactions. The PAN card also ensures both the benefactor and the receiver gets their desired results from making such transactions whether selling, buying or hiring any kind of service.
One occasion when this card comes in handy is when making post office and bank transactions. For instance, the disclosure of this card is essential before you make a time deposit of equal or more than fifty thousand rupees to a bank. The disclosure of this card is also essential when making a cash payment of equal or more than fifty thousand to purchase orders, banker's draft or cheque.
It is also important when making money-related applications to banks and other institutions that deal with money transactions. Most institutions need this card to evaluate anyone applying for their services to determine whether they are eligible for the service that they are applying for. It also enables banking institutions to determine if someone is eligible of getting a credit card from their institutions or not.
When paying a trip to a foreign country that exceeds Rs. 25,000, the card is also essential. These payments include cash payments made for purchase of foreign currency, towards fare or to a tour operator. A person also needs the card when making cash payments exceeding Rs. 25,000 to restaurants and hotels.
The PAN card number should also be included during a sale or purchase of immovable property valued at five lakh. As the buyer, you are required to make sure you get the permanent account number of the person selling such property. In the case when the property is co-owned, you should make sure you get the permanent account number of the people that own such property.
During the purchase or sale of a vehicle that requires registration, the disclosure of the card details is also essential. This is mostly common with vehicles that have more than two wheels and not operated within enclosed premises. The main reason for factories and premises purchasing vehicles not to disclose this card is that most of them have already set their reputation and ways of paying taxes.
You would also need the card when making payments for purchase of units of mutual fund. Before acquiring company shares through public issue or debentures of an institution or company, people would also need to show this document. It is also a mandatory when acquiring bonds from banks and other financial institutions.
It is also one of the most important documentations for anyone looking to install phone connections. These are mainly connections related to cellular phones and telephone systems. People usually prefer the use of this card in such instances as it ensures better levels of transparency for all the transactions. The PAN card also ensures both the benefactor and the receiver gets their desired results from making such transactions whether selling, buying or hiring any kind of service.
Why You Need A PAN Card
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