Importance of PAN Card – Why is PAN Card Needed
Permanent Account Number(PAN) is much more than an ID proof only. PAN is usually a 10 digits unique identifier. The income Tax department contains the responsibility of issuing the PAN card underneath the CBDT’s supervision. Most of the people go here to be unaware of the reality that the PAN card can also be issued to foreigners on Valid Visa. Therefore it should be noted that PAN doesn’t perform the duties of the evidence Nationality. The PAN remains unaffected while using change inside the address. When issued to person,it remains same over the life time. It also plays a huge role in offering the transparency in transactions between seller and buyer. If you haven’t tried for the PAN card yet, check how to get new PAN. In this post these are the various attributes of PAN card.
Importance of PAN Card
Why PAN card is Important:
PAN Card assists you to in any type of problems in TAX
It could be presented as ID proof in every government or private institute. Nobody can ask further questions relevant to your identity after you show them your PAN card
The employees focusing on part time basis can claim their TDS ultimately of financial year using it
It is necessary while opening a banking accounts in private or nationalized banks
PAN card is necessary visit the website http://ipancardstatus.co.in/ for signing up to a new telephone connection
It is necessary while looking for a Credit Card
For a cash payment of 50k or higher, it truly is mandatory
It is necessary during the process of selling or paying for motor vehicles(except two wheeler vehicles)
If the deposit exceeds Rs. 50k in different account from the Post Office,
When payment to hotels or restaurant against their bills exceeds 25k at one time
Issuing PAN cards is often a great service by Indian Government. This helps in stopping the Tax Fraud.
Significance of PAN Card
How to Get PAN card if don’t have One :
Applying for PAN card isn’t very difficult. You can apply online. All you need to do is fill inside form number 49a, specify the payment method. You need to Pay Rs. 105 should the communication address is at India and Rs. 971 if your communication address is outside india. Payment might be done via online and offline mode. For complete details read here – How to Apply for PAN card
Being an Educated Citizen, you need to get the PAN card. It will not only perform the duties of a important identity proof however, you will also be benefitted in a variety of ways.
Here would be the details of PAN card Customer Care Services . You can contact them for just about any query or suggestion.