Pan Card Application

1
Why Having a Pan Card is so Important?

• Importance of PAN Card

2
Uses and Importance of PAN Card

• The major objective of the PAN Card is to prevent
  tax evasion by individuals and business entities
  as it links financial transactions made by
  individuals and entities. The Income Tax
  Department has a detailed record of all
  transactions above 50,000 and above for tax
  purposes.
• PAN Card serves many purposes besides just being
  a way to prevent tax evasion and track monetary
  transactions.

3
Below Explained are The Uses of PAN Card

• Making Investments Investing in securities helps
  to accumulate wealth over time. People who
  consider investing in securities must furnish
  their PAN details for any financial transactions
  worth INR 50,000 and above. This also covers
  mutual funds, equities, debentures, etc.
• IT Returns Filing All individuals and business
  entities eligible for Income Tax should file
  their IT Returns. A PAN Card is a necessary
  document and is primarily used by individuals as
  well as other entities for filing IT Returns.
• Proof of Identity As a unique alphanumeric code
  issued to every individual, PAN Card serves as an
  authentic identity proof and is also considered
  as age proof. While making an application for
  Voter ID Card, Passport, Electricity Connection,
  and Driving License, PAN is used as proof of
  identity.

4

• Opening a Bank Account PAN Card plays a vital
  role in order to open a bank account. All banks,
  whether private or public require applicants to
  furnish their PAN Card details.
• Buy or Sell of a Motor Vehicle Individuals who
  intend to buy or sell a motor vehicle valuing
  more than INR 5, 00,000 will have to provide
  their PAN Card details while conducting the
  transaction.
• Foreign Exchange If you plan to travel abroad
  and wish to convert your currency into another so
  it is impotent to have Pan Card for NRI, PAN
  details are mandatory to be provided at the money
  exchange bank/financial institution where you
  intend to convert the currency.

5

• Purchase of Jewelry As mandated by regulations,
  the purchase of jewelry valuing for over INR
  50,000 requires PAN Card deals.
• Property If you are a NRI and want to buy, rent,
  or sell property, so it is important to have
  a Pan Number for NRI as a proof. PAN details are
  important for documentation for the sale and
  purchase.
• Cash Deposits To make a cash deposit in banks
  that values over INR 50, 000 at a time,
  individuals have to submit their PAN details.
  According to the RBI regulations, it is a way to
  prevent money laundering.
• Applying for a Credit or Debit Card Whether you
  are applying for a debit card or a credit card,
  it is a must for you to meet the criterion of
  furnishing your PAN Card details at any bank or
  financial institution. The bank will not accept
  your application for debit/credit card unless PAN
  Card details are provided.

6

• Loans Both banks and other lending institutions
  who provide loans require you to submit your PAN
  Card details during loan application.
• Insurance Payments According to the Income Tax
  Department rules, PAN Card details are to be
  submitted when making an insurance payment that
  exceeds INR 50,000 annually.
• Fixed Deposit If you plan to invest money in a
  Fixed Deposit (FD) worth INR 50, 000 and above in
  a bank, you will have to provide your PAN Card
  details. In this case, PAN is necessary as TDS
  (Tax Deductible at Source) will be deducted on
  the FD interest amount.
• Telephone Connections Private Cellular operators
  offer a new mobile/telephone connection when
  provided PAN Card details. Therefore, if you plan
  to buy a new telephone connection, you will have
  to submission of your PAN Card details is a must.