The Permanent Account Number (PAN) card is issued by the Income Tax Department of India to track the financial transactions of citizens for tax purposes. A PAN card is required for many financial transactions like opening a bank account, applying for credit or debit cards, buying or selling property or vehicles, making cash deposits over Rs. 50,000, purchasing securities, traveling to foreign countries, and filing income tax returns. Not presenting a PAN card can result in tax deducted at a higher rate or applications for loans, credit cards, etc. being rejected. A PAN card is an important legal document used for identification in India.

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Importance Of PAN
Card In India
knowyourpan.co.in
By
www.knowyourpan.co.in

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The PAN is exceptional to every person and is valid for the life time
of the holder, all through India .Pan card i.e. permanent account
number is given by Income charge office to each salary citizen. But,
do you realize that PAN card is obligatory and required by taking
after experts while doing financial transactions with them? To keep
tax avoidance from all sort of money related exchanges made by an
individual, the Income Tax Department of India has issued an
exceptional 10-digit alphanumeric PAN Card for the natives of India
and in addition NRIs. This card helps in following and recognizing
the budgetary records of people, for the most part when
transactions exceed up to Rs.50000 or more. There is N number of
Significance of PAN Card in India.
knowyourpan.co.in

3.  While opening a new bank account
 This is a significance of PAN Card in India that It is must to create a photocopy of
PAN card while applying for another financial balance be it open/private/co-
or different banks. However in the as of late began money related consideration
program – Pradhan Mantri Jan Dhan Yojana (PMJDY), PAN card was not required
by taking part banks.
 Applying for credit or debit card
 Giving your PAN is must when applying for charge or Visa. Not presenting this
straight away outcome in application getting rejected. Credit card application
rejection can bring about issue in getting advance, credit card and so on. In
and effect your credit score.

knowyourpan.co.in

4.  Buy or sell of vehicle
 In case if you are wanting to purchase or offer vehicle whose cost is more greater
than Rs. 5,00,000 then presenting a duplicate of PAN card is obligatory.
 Cash deposit
 Opening a settled store record or money store for sum more prominent than Rs.
50,000 at any bank requires the lasting record number. Inability to present the
same would bring about TDS getting deducted at 20% if the interest amount of
record exceeds Rs. 10,000 which is higher than the current 10%.
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knowyourpan.co.in

5.  Purchasing or selling property (unfaltering resource)
 Any property exchange for the amount exceeding Rs. 5 Lacs requires this
to be said in the property record. Purchasing or selling is not possible if you don’t
have this. In case, it is a joint property then PAN points of interest of every
individual is required.
 Insurance payment
 CBDT has commanded protection arrangement holder to dissolve PAN points of
interest while making any superior installment to insurance agencies for amount
exceeding Rs. 50,000 in a year.
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knowyourpan.co.in

6.  New phone Association
 All telecom organizations have been ordered by Government of India to get PAN
details of every candidate for ordinary or cell association with keep a tab on
psychological oppression, blackmail charges and so on.
 Putting resources into securities
 Transactions exceeding Rs. 50,000 for values/shared store/debentures/bonds
requires financial specialist’s PAN card.

knowyourpan.co.in

7.  Jewelry purchase
 High esteem Jewelry purchase for sum more prominent than Rs.5, 00,000 (5
obliges purchaser to give PAN number.
 Travelling and staying in a hotel
 Guarantee that you are conveying your PAN card alongside you because in case
you are remaining in hotel, regardless of whether in India or in some outside
nation, and your bill exceeds the money of Rs.25000, then you have to give a
duplicate of your PAN card. Indeed, even while making a trip to any other foreign
country and paying at least 25000 at one time, you have to present a duplicate
it.

knowyourpan.co.in

8.  Stores in Bank and PO Schemes
 A PAN card duplicate is an unquestionable requirement for all stores and funds.
Subsequently while putting resources into a period store or saving in any Post
Office Savings Bank account where a store is made of Rs.50000 or more, you’re
required to furnish your PAN information.
 At your Job
 Your boss will require your PAN when you join any organization for tax collection
purposes. Businesses deduct charges at source or TDS, proficient assessment and
so on. Besides they require your PAN card to demonstrate their outgoings to you
in type of pay when they record their government forms.
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knowyourpan.co.in

9.  Legitimate ID evidence
 PAN card is accepted and utilized as a substantial ID verification in all cases and
all Government and non-government roads that require an ID confirmation, for
example, for travel permit, proportion card, voter ID card, gas and power
association and so on.
 Filing IT returns
 The most evident and main role of getting a PAN card in any case.

knowyourpan.co.in

10.  Outside cash trade for worldwide Holidays
 You won’t get your outside trade for your foreign trade if you don’t present a
duplicate of your PAN card, regardless of the possibility that you have a
visa and international ID and travel tickets. To benefit outside trade, PAN card is
required.

knowyourpan.co.in

11.  There is a lot of territories where having a PAN has turned into a need. The
extension and zones where PAN card is required in India have gradually extended
and subsequently, PAN card is essential in India to have and is obligatory in a
considerable measure of cases.
 Also if you can want to check your pan card status then take a look on
www.knowyourpan.co.in
 Sources:
 www.e-aadhar.co.in
 www.knowyourpan.co.in
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knowyourpan.co.in