There are various uses of a PAN Card other than its use in the IT Department to keep tabs on your financial transactions.
PAN card details are required for opening a new bank account.
PAN which is also called Permanent Account Number has become an attached part of the identification of a person today. It is expected to be compulsorily quoted in most of the transactions involving more than Rs 50,000. Declared by the Department of Income Tax, PAN is an essential tool that encourages the Income Tax Department director of all the business activities of a person and traces any income leaks from the ITR filed by him. Therefore, it can efficiently help decrease tax avoidance.
Here they go:
Opening a new account in a bank
One is expected to mention PAN information in the application form in the process of opening a fresh bank account, be it a private on or public or cooperative or maybe another bank.
Purchasing and selling assets
Acquiring or marketing stable property needs a lot of funds. Accordingly, if you require to sell or acquire a part of any property that is priced around Rs 5 lakh or maybe more, you are expected to offer a copy of your PAN card. If the said property is a mutual capital, PAN particulars of every character are needed.
Acquiring or giving away a vehicle
Proposing a copy of the PAN card is obligatory in case you are thinking to purchase or sell a vehicle whose price is higher than Rs 5 lakh.
Latest telephone connection
While intending to get a fresh phone connection either for residence or company, it becomes very important to give your details of PAN at the tie of installation of the cell phone or telephone is made. It was informed that the Government of India has mandated all the telecom firms to get PAN features of each candidate to decrease terrorist movements and blackmail situations.
Various citizens invest in some amounts in ELSS funds to protect tax. Consequently, revealing your PAN particulars while spending money in common funds grows necessary, when you are buying units worth Rs 50,000 or more. One needs to consider your PAN details if you are purchasing or selling bonds over and beyond Rs 1 lakh.
Do not forget to take your Pan Card whenever you are traveling. If you are visiting abroad and if you let go around Rs 25,000 or more in a day, you are asked to present a photocopy of your PAN particulars.
Staying at a hotel
If you decide to stay in a hotel or maybe a halt at a restaurant while you are traveling in India or a foreign country, and your entire bill surpasses Rs 25,000, you will be asked to present proof of your PAN card. Hence, assure that you take your PAN card with you to all the areas that you visit.
Starting an account with a share broker
You are expected to start an account with a share broker for dealing in the shared business. It is considered that for this, you must submit your PAN details. If you do not give your PAN information, your certificate will not be considered in most cases.
We hope that this information will be of help you to. If you still have any questions or want to know how to get your PAN card made online, please contact Doqfy and we will guide you through every step of the process.