In this article, I will explain you the Top 10 Benefits of PAN Card in India. PAN which stands for Permanent Account number is a 10 digit Alphanumeric code given by Income Tax Department that also acts as an identification for an Individual. One can use this card for several other purposes beside merely like an identification code. In this article, I list out all those purposes don’t worry.
Who can get or apply for a PAN Card in India?
Any Indian Individual, Companies or a Firm can get or apply for a PAN card in India. Even Minors could also apply for a PAN Card in India. Later we will tell you PAN Card benefits for Minors.
Documents Required for PAN Card
First and Foremost let me clear out, from July 1, 2017, GOI has made Aadhaar mandatory to apply for getting a PAN Card. Now, To apply for a PAN Card IT Department asks from you three Documents: Identity Proof, Address Proof, and Date of Birth Proof. Now, If you have Aadhaar Card then it is enough to apply for a PAN Card. You can attach Aadhaar as for all these three document requirement.
How to Apply for a PAN Card?
Income Tax Department has made both the online as well as offline way to Apply for a PAN Card. To apply online for a PAN Card you can visit these two sites i.e. NSDL and UTIITSL to complete your task. Moreover, to apply offline for getting a PAN Card, you can do so via form 49A.
Why one can apply for a PAN Card in India?
Below I am going to list out Top 10 Benefits of having a PAN Card in India. May be that’s the reason why one can apply for a PAN Card in India.
Top 10 Benefits of PAN Card in India (List)
- First and the Foremost thing, In April Last year, RBI made PAN Card Mandatory for opening a Bank Account in India. Therefore, Individuals who like to open a Bank Account in India must have a PAN Card.
- As we mentioned earlier, your PAN Card number acts as your identification number in India. Therefore, you can use the card in various places that ask you to provide your Identity proof.
- One of the primary reason one can apply for a PAN card is for filing Income Tax Return.
- Government has made PAN Card mandatory for starting a registered business in India.
- PAN card is also mandatory for opening a Demat Account that holds shares in Dematerialized form.
- Suppose you stays in Hotel and the Bill crosses Rs. 50,000 then, in that cases it mandatory to provide the authority your PAN Card number.
- PAN card is also mandatory for making a cash payments of more than Rs. 50,000 in a financial year.
- Minors can apply for a minor PAN Card, which is mandatory while making them as a nominee for a property or to make investments in their name.
- Purchase of any goods and services at an amount more than Rs. 2 Lakh in one transaction requires a PAN Card.
- PAN Card makes transparency of your Financial Transaction to the Government.