PAN is extremely essential for all entities and individuals. it’s not just employed by the tax Authority for tracking tax payments but has now become mandatory for several day to day transactions.
1. IT Returns Filing
All individuals and entities who are eligible for tax are expected to file their IT returns. A PAN card is important for filing of IT returns, and is that the primary reason individuals, also as other entities, apply for one.
2. Identity Proof
PAN card serves a legitimate identity proof. aside from voter card, Aadhaar card, PAN card is additionally accepted by all financial institutions and other organisations as an identity proof.
One of the essential reasons to urge a PAN card is for the aim of taxation. If the entity or person has not linked the PAN number together with his checking account , and therefore the annual interest earnings on savings deposits is quite Rs. 10,000/- then the bank would deduct 30% TDS rather than 10%.
4.Claiming tax Refund
Many times, the TDS deducted from a taxpayer’s income is quite the particular tax that he’s alleged to pay. so as to say excess tax paid, taxpayer has got to have a PAN linked to his checking account .
5.Starting a Business
In order to start out a business, a corporation or the other entity mandatorily must have a PAN registered within the name of its entity.
6. Opening a checking account
All public, private and co-operative banks have made it mandatory for a private or a corporation to possess a checking account in its name so as to open a savings or accounting .
7.Opening Demat Account
PAN card is additionally mandatory for a private or entity to open a Demat Account, which is required to carry shares in dematerialized form.
8.Purchase & Sale of Immovable Assets
One of the advantages of pan card is eligibility of a private or entity to enter into transactions of sale or purchase of assets. PAN is required to be quoted within the deed made during sale or purchase of any immovable property valued at 10 lakh rupees or more.
Cash payment related with foreign travel of an amount quite Rs. 50,000/- inclusive of forex purchase requires PAN CARD.
10.At the Time of Deposit
Deposits with post office, co-operative banks, non-banking financial companies, also will need PAN, deposits adding up to Rs. 5 lakh or more per annum would require PAN
11.Cash Cards and Pre-Paid Instruments
Cash payment adding up to quite Rs. 50,000/- per annum will need PAN to be furnished.
12. Bank Drafts, Pay Orders and Banker’s Cheque
PAN card is required for Bank Drafts, Pay Orders and Banker’s Cheque with a transaction quite Rs 50000/- during a day. this suggests that the transactions quite 50000/- will only need PAN card.
You can apply for pan card online. There are lots of website that provides you the services to apply new pan card or to modify pan card for existing pan card holder. You can apply for pan card on the given links ONLINE APPLY FOR PANCARD
Apply Online for brand spanking new Pan Card – Get Delivered At Your Door Step
If you’ve got never applied for a PAN card or if you are doing not hold any Permanent Account number then you’ll apply for a replacement pan card. to use for a replacement pan card the applicant should have an identity proof which carries the applicant photograph, date of birth proof which reflects the date, month and year of the applicant birth, and address proof within the name of the applicant. Proof like identity proof, date of birth, address proof should be valid at the time of applying pan card. Applicant for whom pan number allotted shouldn’t apply for brand spanking new allotment of permanent account number since holding quite one PAN is against the law.
Pan Card Lost or Damaged – Apply Online for Duplicate Pan Card
If you’ve got lost or damaged your existing pan card then the applicant is eligible to use for a replica Pan Card. to use for a duplicated pan card the applicant should have an identity proof which carries the applicant photograph, date of birth proof which reflects the date, month and year of the applicant birth, and address proof within the name of the applicant. Proof like identity proof, date of birth, address proof should be valid at the time of applying pan card. Duplicate pan card are going to be issued with the applicant existing permanent account number and existing records. Applicants who have lost the prevailing pan card shouldn’t apply for a replacement allotment of permanent account number, since holding quite one PAN is against the law.