Importance of Having a PAN Card
A Permanent Account Number (PAN) card is crucial for various financial and identification purposes. Here are some key reasons why having a PAN card is important:
Valid Proof of Identity: PAN card serves as a valid identity proof and photo for various purposes, including getting a gas connection and opening a bank account.
For Employment: Most employers require your PAN card details for salary accounting and taxation purposes. It is also mandatory for filing Income Tax Returns (ITR).
Banking: PAN card is mandatory for opening a bank account and other banking-related financial transactions. It helps prevent fraud and money laundering. Cash deposits exceeding Rs. 50,000 in a single day require PAN details, as do fixed deposits exceeding Rs. 50,000.
Post Office Deposits: PAN details are required for opening post office deposits exceeding Rs. 50,000.
Payment Wallets: Digital payment wallets require PAN card details if transactions exceed Rs. 20,000 per month.
Debit/Credit Card Applications: Applications for credit or debit cards require PAN details. Failure to provide PAN details can negatively impact your credit score.
Loan Applications: All loan applications require PAN card details.
Buying/Selling Property: PAN card details of both the buyer and seller are required for property transactions if the value exceeds Rs. 5 lakh. For joint ownership, PAN details of all owners are needed.
Purchasing Jewelry: PAN details are required for purchasing jewelry or bullion exceeding Rs. 5 lakh.
Vehicle Purchase: PAN card details are needed for the sale or purchase of vehicles, excluding two-wheelers.
Share Trading: PAN card details are required for trading shares, including providing them to the broker, demat, and trading account provider.
Mutual Funds: Investments in bonds, debentures, or mutual funds require PAN card details.
Insurance Premiums: PAN card details must be furnished if insurance premiums exceed Rs. 50,000 in a financial year.
Exchange of Foreign Currency: PAN card details are required for exchanging local currency for foreign currency.
No comments:
Post a Comment