Importance of PAN Card – Why is PAN Card Needed
Permanent Account Number(PAN) is more than an ID proof only. PAN is a 10 digits unique identifier. The income Tax department has the responsibility of issuing the PAN card under the CBDT’s supervision. Most of the people will be unaware of the fact that the PAN card is also issued to foreigners on Valid Visa. Therefore it must be noted that PAN doesn’t serve as the proof of Nationality. The PAN remains unaffected with the change in the address. When issued to person,it remains same throughout the life time. It also plays an important role in providing the transparency in transactions between seller and buyer. If you haven’t applied for the PAN card yet, check how to apply for new PAN. In this post i have listed the various advantages of PAN card.
Why PAN card is Important:
- PAN Card helps you in any type of problems in TAX
- It can be presented as ID proof in any government or private institute. Nobody can ask further questions related to your identity once you show them your PAN card
- The employees working on part time basis can claim their TDS in the end of financial year using it
- It is required while opening a bank account in private or nationalized banks
- PAN card is required for applying to a new telephone connection
- It is required while applying for a Credit Card
- For a cash payment of 50k or more, it is mandatory
- It is required during the process of selling or buying of motor vehicles(except two wheeler vehicles)
- If the deposit exceeds Rs. 50k in any account in the Post Office,
- When payment to hotels or restaurant against their bills exceeds 25k at one time
- Issuing PAN cards is a great service by Indian Government. This helps in stopping the Tax Fraud.
How to Get PAN card if don’t have One :
Applying for PAN card is quite easy. You can apply online. All you need to do is fill in the form number 49a, specify the payment method. You need to Pay Rs. 105 if the communication address is in India and Rs. 971 if the communication address is outside india. Payment can be done via online and offline mode. For complete details read – How to Apply for PAN card
Being an Educated Citizen, you must get the PAN card. It will not only serve as a important identity proof but you will also be benefitted in various ways.
Here are the details of PAN card Customer Care Services . You can contact them for any query or suggestion.