In India, there are many types of ID and address related documents, each having its own purposes. They are PAN Card, Aadhaar Card, Voter ID Card and others. One of the key documents with great importance is the PAN Card. A PAN Card is an identity document, along with being the most important financial document.
If you are a salaried individual and taking home salary, then you may have to pay taxes to the Government on it. PAN Card comes handy in the filing of the Income Tax Report (ITR), and this document is issued by the Income Tax Department.
Not only for filing of income tax, but you can also use for availing many benefits and services. You can go through this post and know more!
- It is mandatory for cash deposits of Rs.50,000 and more
You will need to mention your PAN details if you are willing to deposit cash in excess of Rs.50,000 and more into anyone’s account. RBI keeps an eye on all large cash transactions and hence; it is important to do that.
2. It is mandatory for buying jewellery of Rs.5 lakh and more
You will also need to quote your PAN details if you want to invest in jewellery worth Rs.5 lakh and more.
3. It is mandatory for availing loans
You may need loans at any point of time in your life. To do that successfully, you will need to submit the PAN Card, along with other documents required by lenders.
4. It is mandatory to open accounts in nationalized and private banks
In case if you are looking to open a bank account in any of the private as well as nationalized bank accounts, then you will need to provide your PAN details.
5. It is vital to acquire a credit card and debit card
Credit card is a debt card issued by your bank to avail an amount under your limit for your needs. On the other hand, a debit card helps you take out cash from your own savings account at an ATM. To avail both these services, you will need to provide your PAN Card details to your issuing bank.
6. It is mandatory to convert Indian rupees into foreign currency
If you are travelling abroad, then you may be willing to exchange Indian rupees into the currency of the country that you are going. To get this done, you will need to mention your PAN Card details in India.
7. It is mandatory to buy products on EMI
You can avail of the EMI facility to break the cost of your products over a tenor and pay fixed EMIS. It helps you in managing your outlays and fulfilling your wishes of buying things. To do that, you will need to submit PAN Card details as part of the Know Your Customer (KYC) formalities to be eligible for buying anything on EMI.
8. Mandatory for Opening a Demat Account
If you are applying for a demat account then you must have PAN card. Without PAN Card you can not open your demat account. Its is mandatory for all kind of financial transaction and investments.
9. Sales and Purchase Business
If you are running any kind of sales and purchase business on small scale or large scale then you must have PAN Card.
10. ITR (Income Tax Returns) Filling
While applying for income tax return you must have PAN Card. Without PAN card you can not fill income tax. All the major finance related transaction it has mandatory by the government.
If you are looking at how to apply for a PAN Card, then it is easier to do that on the NSDL website online without facing hassles.
To do that, you can fill the Form 49, and find the location of PAN Card offices in any city. You can pay online once the form has been filled. It is up to you to either send your valid documents (proof of address, identity, photos) via courier or simply scan and sign them digitally to submit online. After your documents are verified, you will be able to get your PAN Card made successfully.
You are now aware of the services for which, PAN Card is mandatory. You can go ahead and apply for it online to start availing all services without hassles.