The use of PAN card is not limited only to opening a bank account or filing income tax, apart from this there are many such tasks which can get stuck in the absence of PAN card. Know in which works it is needed.
PAN i.e. Permanent Account Number (Pan Card) is issued by Income Tax. In today’s time, PAN card is a very important document. Even if you go to open a bank account, PAN card is required. Even if you have to file Income Tax (ITR), your work cannot be done without PAN card. The use of PAN card is not limited to this only, apart from this there are many such tasks which can get stuck in the absence of PAN card. Know what other tasks apart from filing ITR it is required.
On depositing more than Rs 50 thousand in the account
PAN card is mandatory for any type of bank account, except zero balance bank account. Apart from this, if you want to deposit more than Rs 50 thousand in the bank account, then it is necessary to provide PAN card details for that also. Not only this, PAN card details have to be given even while paying hotel bill of more than Rs 50 thousand.
On buying expensive jewelery
In a few days, functions like marriage and engagement will start. In this type of work, jewelery worth lakhs is purchased. If you buy jewelery worth more than Rs 2 lakh then you have to provide your PAN card details.
On purchasing a car or other vehicle
Even if you are planning to buy a car, you must have a PAN card. When you buy a car or any other vehicle worth more than Rs 5 lakh, you have to provide many types of documents. This also includes PAN card. Apart from this, to sell a high priced vehicle, you also need your PAN card along with the vehicle documents and KYC documents.
To buy and sell expensive property
If you are going to buy or sell any property worth more than Rs 5 lakh in India, then you will have to provide PAN card details. In the sales deed prepared in property related deals, PAN card details of both the buyer and the seller of the property are necessary.
Investing in stock market
Even if you invest more than Rs 50 thousand in the stock market, you will be asked for PAN card. The process of investing in the stock market is done through demat account and SEBI has made it mandatory to present the original PAN card for opening a demat account.
When applying for a loan
If you are going to apply for a loan, then you will have to provide your PAN card details in the loan application. In fact, to prevent money laundering, RBI has made it mandatory for all banks to report information about major transactions taking place in their banks, including their PAN numbers.
To buy foreign currency
If you are going to travel abroad then you will need to exchange Indian currency with the currency of another country. In such a situation, the authorized money exchange bureau or bank will ask for the details of your PAN card while providing you this facility. Apart from this, if you are earning in foreign currency from somewhere or want to send money, then you also have to provide PAN number.
