5 Most Important Uses of PAN Card
From banking sector to real estate market, you need to produce your PAN card for every important transaction. Here we are mentioning the five most important uses of PAN Card that would help you to understand its significance even more.
PAN Card or which is also called as Permanent Account Number is not just a card, but it is card of identity for all the financial transactions in India. The card that was not much significant in the earlier times has now become the most important element for all the small and big transactions in India. And not this much, the card is used to serve many other purposes as well. PAN card is one of the most important documents in India. From banking sector to real estate market, you need to produce your PAN card for every important transaction. Here we are mentioning the five most important uses of PAN Card that would help you to understand its significance even more.
IT Returns Filing: IT return should be filed by all the individuals who are entitled for income tax. At the time of filing the IT returns one should produce PAN card. In fact, this is the prime reason why people do apply for PAN card.
Opening a bank account: Whether you want to open a saving bank account or current bank account, in any case if you are looking forward to open an account in India or at Indian bank then you must produce your PAN card. This rule is equally applicable to public, private and all banks in India.
Motor Vehicle Deal: On the time of conducting transaction for buying or selling vehicle in India and that too above the cost of INR 5 Lakhs one should produce PAN card. Without producing the card one cannot move further in that.
Investments: If a person prefers to invest in securities then he is supposed to produce his PAN card for the same. For an investment of Rs. 50000 or more than that one should produce his or her PAN card. This extends to equities, mutual funds, bonds as well as debentures.
Proof of Identity: If you are in India then you can produce PAN card as a proof of identity and also the card to prove your age. This card can also be produced to apply for passports, voter ID, driving license and other relevant documents in India.
These are the five biggest benefits of PAN card. One should have this card for all the relevant and legal financial transactions in India.
The author of this articles is a staff member of S LOHIA & ASSOCIATES which is a professional a Chartered Accountants firm in Delhi. It offers its clients a full range of services, including financial, business advisory, tax regulatory services, income tax services, and NRI tax service.