The PAN card is required for several daily transactions in addition to being used by the Income Tax Department to track taxpayers. As a result, it is critical to be aware of the PAN card's uses. Apply for PAN card now with Sarkari Suvidha.
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Scroll down to find out what the PAN card is used for!
What Are the Purposes and Advantages of Having a PAN Card?
A PAN card has a number of advantages. All of the most common PAN card applications are depicted below:
Helps to Start a Business Do you want to start a business?
When it comes to starting a business, there are several PAN card applications. The PAN is required by the Government of India for all businesses operating in the country.
Furthermore, in order to trade and file tax returns, businesses must have a Tax Registration Number, or TRN. Having a PAN is also required to obtain this TRN. Furthermore, several e-commerce web portals require companies to have a TRN in order to sell products on their platform. Apply for PAN card online with all the ease.
Taxation Abatement
One of the primary reasons for having a PAN card is for tax purposes. If an individual earns more than $10,000 in annual interest on savings deposits but does not link his or her PAN to the bank account, the bank will deduct TDS at a rate of 30% rather than 10%. You can fill your PAN card online form now.
Opening a Demat or a Bank Account
Individuals who do not have a PAN card will be unable to open a bank account, according to current regulations.
There is one exception to this rule, and that is when one chooses to open a zero balance account as part of Prime Minister Jan Dhan Yojana. In this case, a Ration card or a Voter ID card can be used as identification. Similarly, a PAN card is required when opening a Demat account. Fill your PAN card application form with Sarkari Suvidha to get the best assistance.
Filing of Income Tax Returns
As you may be aware, every individual who is taxed must file an income tax return. A PAN card is required for this purpose.
Purchasing and Investing in RBI Bonds or Insurance
Before investing, an individual must first complete a form available on the Association of Mutual Funds of India's website (AMFI). In addition, an address proof and a self-attested copy of the PAN card must be attached.
Only when an individual is KYC compliant and has a PAN card is his/her KYC document accepted when investing. Similarly, a PAN card is required for any investment of $50,000 or more in RBI bonds.
Purchasing Foreign Currency
A PAN card is required by the Foreign Exchange Management Act when purchasing foreign currency worth $50,000 or more. The main reason for this is that all transactions involving foreign currency are classified as either current or capital account transactions. So fill your PAN card form now.
Trading in Listed or Unlisted Securities
A PAN card is required by the Securities Contracts (Regulation) Act 1956 when purchasing unlisted or listed securities, with the exception of bonds, debentures, shares, and other marketable securities. This rule applies if the total amount of each transaction exceeds Rs. 1 lakh. A PAN card is also required when purchasing or selling unlisted company shares worth more than Rs 1 lakh.
Purchasing or Selling Real Estate
When selling or purchasing immovable property worth more than 10 lakhs, such as a house, an individual must provide PAN details.
Purchasing or Selling a Four-Wheeler
A PAN card is also required when selling or purchasing a four-wheeler vehicle. Even if an individual wants to get a loan to buy a car, having a PAN card is required.
Cash, Pay Orders, Banker's Cheques, and Bank Drafts
If one wishes to make more than 50,000 in pay orders, banker's cheques, bank drafts, or cash deposits, the PAN card must be presented. Furthermore, this is true in cases where an individual is willing to deposit more than $50,000 in cash into his or her bank account.
We are going to show you how you can apply for PAN card online.
There are many documents you can use to identify yourself and get a PAN card in your name, and we will tell you few documents that can get your PAN ready without any documents issues.
It helps the authorities to confirm your name and age.
One: Customer care number: 020 27218080
Three: Customer care number: 022 67931300
1] Applying for PAN Card online
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Issued by the Income Tax Department under Income Tax Act, 1961, PAN stands for Permanent Account Number, a 10-digit number unique alphanumeric imprinted on a laminated plastic card.
Linked to all financial transactions made by a particular individual or entity, it prevents tax evasion by individuals and entities.
Everyone whose income is taxable under the Income Tax Act, 1961 are required to acquire a PAN Card, including individuals such as Indian citizens who are residents of the country, NRI (Non Resident Indians), OCI (Overseas Citizen of India) cardholders, PIO’s (Person of Indian Origin); an association of persons; body of individual; Hindu undivided family; firms, companies, and limited liability partnerships; government agencies, artificial juridical person, and local authority; co-operative society, trusts, etc.
Mention the PIN Code in the application form without fail.
These are mainly proof of identity of the applicant, proof of address for the dispatch of PAN card, and the proof of age.
Write in clear block letters and making sure all mandatory fields are furnished to ensure avoiding rejection of the PAN application.
