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.
When making certain applications to banks and other banking institutions, the card is also essential. The reason banking institutions ask for this card is to determine whether someone qualifies to get the kind of service they need. The permanent account number is also essential when someone is applying for a credit card from a bank as it is used to determine if you have qualified for such cards.
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.
People also need the card when purchasing or selling immovable properties equal to Rs. 5 lakhs or more. Before the transactions are completed, the buyer is required to get the PAN of each person who claims to own such properties. For instance, if more than one person owns the property, the property buyer should make sure they get the PAN of all the people who claim a share on such property.
If you decide to purchase or sell an automobile, you would also need to disclose this card. The good thing is however that not all types of automobile that need the disclosure of the permanent account number, as it is only for vehicles that more than two wheels. Companies would also not need to show their permanent account number as they are already known and their companies already have an outstanding way via which they pay tax.
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 main essential documents for anyone looking to install telephone connections. This can be either connections related to cellular phones or other phone systems. The reason for using the PAN card is to make sure that issues of fraud and tax evasion are kept as low as possible. It also ensures the people making the transactions can be sure of obtaining positive results from such transactions.
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.
When making certain applications to banks and other banking institutions, the card is also essential. The reason banking institutions ask for this card is to determine whether someone qualifies to get the kind of service they need. The permanent account number is also essential when someone is applying for a credit card from a bank as it is used to determine if you have qualified for such cards.
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.
People also need the card when purchasing or selling immovable properties equal to Rs. 5 lakhs or more. Before the transactions are completed, the buyer is required to get the PAN of each person who claims to own such properties. For instance, if more than one person owns the property, the property buyer should make sure they get the PAN of all the people who claim a share on such property.
If you decide to purchase or sell an automobile, you would also need to disclose this card. The good thing is however that not all types of automobile that need the disclosure of the permanent account number, as it is only for vehicles that more than two wheels. Companies would also not need to show their permanent account number as they are already known and their companies already have an outstanding way via which they pay tax.
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 main essential documents for anyone looking to install telephone connections. This can be either connections related to cellular phones or other phone systems. The reason for using the PAN card is to make sure that issues of fraud and tax evasion are kept as low as possible. It also ensures the people making the transactions can be sure of obtaining positive results from such transactions.
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