Pan (new Application)

A Permanent Account Number or PAN is a unique 10 digit alphanumeric code which is provided to every taxpayer or assessee in the country.

It is issued by the Income Tax Department and is a mandatory requirement for every entity indulging in economic activity beyond a certain financial limit in the country.

It is not compulsory for every person to get a PAN, especially if you do not file income tax returns or not engage in any large financial transactions. However, if you do so, it is necessary to get a PAN card. Finally, you can get PAN card even if you do not file tax returns and do not need it for investment purposes. However, having one always enhances your credibility in the eyes of the Government and other financial institution, that will in turn make it easy for you to qualify and get various types of loans and mortgages.

PAN Cards are required in case of receiving a taxable salary, or taxable professional fees, opening a bank account, purchase or sale of assets above the specified limit and so on. PAN cards serve as a Government issued identification that comes in handy everywhere you go.

You will require it for the following purposes:

  • It is necessary to give the PAN card number when you buy or sell immovable properties in India.

  • When you buy automobiles, you will have to give this number.

  • Buying banker’s draft, pay orders and checks require PAN card.

  • If you buy shares or debentures exceeding the value of Rs. 1 lakh, you need to supply the PAN card.

  • PAN card is necessary to make any deposit exceeding Rs. 50000.00.

  • PAN card is also necessary for initiating a bank account, starting a demat account or applying for a credit card.

  • Finally, you may produce the PAN card as a valid photo ID proof.






ADVANTAGES

  • The PAN card carries your photograph, name and address. Hence it serves as a nationally accepted proof of identity.

  • Without a PAN card, you will be taxed at the highest rate possible. If you pay TDS (tax deducted at source), that cannot be counted without a PAN card and you may end up paying tax twice.

  • The PAN number is unique to every PAN card holder. Your name and address may change; your card may get lost or stolen; but the PAN will remain unchanged. So, the possibility of misuse is rare.

  • As an ID proof, the PAN card is sure, dependable, nationally recognized and unchanging.

  • With a valid PAN card, you can easily enter into different financial transactions. You can obtain landline and cell phone connection; you can open demat account; you can buy and sell property and share and much more.

  • If you are NRI, you can easily buy property or engage in business in India with the help of your PAN card without filing tax returns.

  • A minor account can be opened and operated easily with the PAN card of the guardian.

  • Not only does the PAN have all these great advantages, but also it is necessary to carry on most of the normal transactions. The process has been highly simplified. So, you should make no delay in getting your PAN card.
     




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