A PAN Card is govt issued identity card to a person in India. PAN cards have 10-digit numbers and the card is issued with the authorization of the Income Tax Dept of India. A PAN card is an important document for banking transactions. On the PAN card, the govt has written the name of the person, DOB of the person photo of the person, and name of the father\/spouse. Indian citizens can use the PAN card as proof of DOB and identity. <\/p>\n\n\n\n
PAN Card is a very important document in India. You can understand the importance of a PAN Card with the below list of major uses of a PAN Card. <\/p>\n\n\n\n
IT Returns Filing<\/strong>: The person whose income surpasses a certain boundary is required to pay the income tax. The process to pay the income tax is followed by filing the IT Returns. While filling out the form for the IT Return, a PAN card is the required document. <\/p>\n\n\n\n Opening a bank account<\/strong>: No bank will open a bank account whether saving or current bank account without the PAN Card. While filling out the form for the Bank account, you are required to provide the PAN Card. <\/p>\n\n\n\n Buying or selling a motor vehicle:<\/strong> The transactions with the amount of more than Rs 5 Lakh need to be operated with the PAN Card. If you sell a vehicle worth more than Rs 5 Lakh, submit the PAN card details. <\/p>\n\n\n\n Applying for a credit or debit card:<\/strong> The bank will ask the PAN Card details of the person who is applying for the Credit card or Debit Card. <\/p>\n\n\n\n Purchase of Jewelry<\/strong>: If a person buys jewelry of an amount more than Rs 5 lakh, he requires a PAN card to perform the transaction. <\/p>\n\n\n\n Making investments<\/strong>: If a person is going to buy mutual funds, bonds, equities, or debentures. All of these transactions with the amount of more than Rs 50000 needed the details of PAN Card. <\/p>\n\n\n\n Proof of Identity<\/strong>: The person can submit the PAN Card as DOB proof and also identity proof wherever required. For example, if you are applying for a passport, voter ID, or driving Lisence, you can submit a PAN card for the Age\/DOB proof. <\/p>\n\n\n\n Foreign Exchange<\/strong>: People who need foreign currency like for the purpose of traveling abroad, require a PAN card handling the foreign currency. The money exchange bureau\/ bank or other institution will ask for the PAN card details for such transactions. <\/p>\n\n\n\n Property:<\/strong> The person who is interested in purchasing selling or renting property needs to disclose the PAN card details. The PAN card details of the buyer and seller are required for the transaction.<\/p>\n\n\n\n Loans:<\/strong> The person who is looking for a house loan, car loan, education loan, or other loan are needed to show PAN card details. The banks or other lending organizations will ask for a photocopy of the PAN card.<\/p>\n\n\n\n Fixed Deposits:<\/strong> The people who want to invest the money using the FD scheme of a bank and the amount of FD is more than RS 50000, the PAN Card is required. The bank will deduct the TDS in case the interest amount is more on FD. <\/p>\n\n\n\n Cash Deposits:<\/strong> The person who wants to deposit an amount more than Rs 50000 in the bank account, will be asked to submit the PAN card document. This is the guideline from RBI to avoid money laundering. <\/p>\n\n\n\n Telephone Connections<\/strong>: Now, the process of having a new telephone connection or a new mobile phone connection needs the details of the PAN card of a person. <\/p>\n\n\n\n Insurance Payments:<\/strong> The transactions related to the insurance of a person have an amount more than RS 50000, the PAN card will be required. <\/p>\n\n\n\n What is required to have the PAN Card or you can say, why is required to have a PAN Card, Check below. <\/p>\n\n\n\n The govt issues the PAN Card with the lifetime validity. One person has to apply for a PAN card only once. <\/p>\n\n\n\n No, a person can not have two PAN cards in India. It is a crime and will lead to a penalty of Rs 10000 for you. Keep only one PAN Card. In case, if you applied more than once for the PAN Card, then inform the authority about it. <\/p>\n\n\n\n If a person comes under the income tax paying list and willing he is not to pay the tax and probably does not have a PAN card, below will be the circumstances of the person. <\/p>\n\n\n\n The PAN application form names are 49A and 49AA. The govt has directed the individuals to submit the PAN Card application form along with the list of other documents, the list is given below. <\/p>\n\n\n\n For Individual Applicant<\/strong><\/p>\n\n\n\n So far we have studied various benefits of a PAN Card for a person, and why is required to have a PAN card, now we will show the benefits of govt of India through the PAN Card. <\/p>\n\n\n\n Tracking Financial Transactions<\/strong>: The Income Tax dept tracks all the transactions of a person with a PAN number. This tracking will help the income tax dept to calculate taxes for a person or for a company. This has reduced tax evasion.<\/p>\n\n\n\n Determining Tax Revenue: <\/strong>The Income Tax dept submits the yearly report of tax revenue to the govt of India. The income from the tax is used in various govt works like road buildup, etc. The calculation of tax revenue is possible with the help of a PAN card. <\/p>\n\n\n\n Fixing Taxation Rates:<\/strong> The income of a person decides the income tax rate for that person. The PAN card is used to show all of the income related to one person. And a person can easily be put under the income tax slab. <\/p>\n\n\n\n We have discussed through knowledge of PAN cards, why is important to have a PAN card, what the process is to apply for a PAN card, and is government benefits of the PAN Card, all of these details are covered above. Hope, you get the details on your PAN Card. Still there is any question related to PAN card, you can comment below. <\/p>\n\n\n\n Q How to find an IT PAN Service Center or TIN Facilitation Center?<\/strong><\/p>\n\n\n\n Ans- The person who wants to apply for the PAN Card Offline, should visit the nearest UTI\/UTIISL or NSDL center or income tax office.<\/p>\n\n\n\n Q Can an application for PAN be made through the Internet?<\/strong> <\/p>\n\n\n\n Ans- Yes, the govt of India has facilitated the online service for the PAN Card application form, you can submit the online PAN card application on the UTIISL or NSDL websites. <\/p>\n\n\n\n Q What documents will serve as proof of Identity and Address for the PAN Card?<\/strong><\/p>\n\n\n\n A PAN Card is govt issued identity card to a person in India. PAN cards have 10-digit numbers and the card is issued with the authorization of the Income Tax Dept of India. A PAN card is an important document for banking transactions. On the PAN card, the govt has written the name of the … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-34","post","type-post","status-publish","format-standard","hentry","category-pan-card"],"_links":{"self":[{"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/posts\/34","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/comments?post=34"}],"version-history":[{"count":1,"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/posts\/34\/revisions"}],"predecessor-version":[{"id":35,"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/posts\/34\/revisions\/35"}],"wp:attachment":[{"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/media?parent=34"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/categories?post=34"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/findcompanyoffice.com\/wp-json\/wp\/v2\/tags?post=34"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}PAN Card Eligibility<\/strong><\/h3>\n\n\n\n
\n
How to Apply for a PAN Card?<\/strong><\/h3>\n\n\n\n
\n
What is the Validity of a PAN Card?<\/strong><\/h3>\n\n\n\n
Can a Person have more than one PAN?<\/strong><\/h3>\n\n\n\n
What Happens if you don’t have a PAN Card?<\/strong><\/h3>\n\n\n\n
\n
Documents Required to Apply for a PAN Card<\/strong><\/h3>\n\n\n\n
\n
Benefits of Government Through PAN Card <\/strong><\/h3>\n\n\n\n
At a Glance <\/strong><\/h3>\n\n\n\n
FAQ’s<\/strong><\/h3>\n\n\n\n
\n