Permanent Account Number (PAN) is an alphanumeric number of ten(10) Digits, which is issued by the Income Tax Department as a laminated card.Apply New PAN Card Lost PAN Card And Correction in PAN Card Online!
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*WHEN DO WE NEED A PAN Card?
Buying or selling a permanent property of Rs. 5 Lakh or more Buying or selling a vehicle in which the registration is required (two-wheeler vehicle not included).At the time of making a bank draft or pay order of 50 thousand rupees or more.Forex trading While applying for a telephone.When opening a bank account While applying for credit card.When depositing a sum of Rs. 50 thousand or more in the bank.While taking fixed deposits, mutual funds, government bonds, shares, postal deposits, amounting to Rs. 50 thousand or more.Apart from this, PAN card also works with ID card.
*DO I NEED A PAN Card?
However, it is required by every individual at some point in their life even if they are not earning. Other than being used for filing income tax returns, PAN has several other important uses, even for no earners. ... Identification Proof – PAN card serves as a legitimate proof of identity across the country.
*Do WE NEED PAN Card TO WITHDRAW MONEY?
For bank withdrawals PAN card is not mandatory. But banks seek such details in case deposits or remittances are for ₹50k and more. ... However, banks will not allow unrestricted transactions in non-KYC complied accounts. PAN details and Aadhaar card details have to be provided for regular transactions in a bank account.
*WHAT ARE THE ADVANTAGES OF PAN Card?
In PAN card, you have your photo, signature, date of birth and name, so it is used as an ID proof completely.Without the PAN, the government will take the maximum percentage of tax from you but you have to pay TDS (tax deducted at source) when you have PAN number, which is later returned to TAX Return file.Even if your PAN is lost, you can get a copy of it.