Table of Contents
What is the PAN Card?
The Permanent Account Number (PAN) is a unique, 10-digit alphanumeric number issued in the form of a laminated card by the Income Tax (IT) Department, which is compulsory for filing income tax returns in India. It enables the department to link all financial transactions of the tax payer with the IT department.
5 Key benefits and uses of PAN Card?
- A PAN card is considered as a valid identity proof as it contains a permanent account number, full name, father’s name, date of birth, photo, Government hologram, QR code and a signature of PAN card holder. It is PERMANENT for your life and will not change with change of your address or marital status.
- A PAN Card is mandatory document for an individual, business entity and trust for payment of taxes or to claim refunds and for all correspondence with Income Tax Authority. It also helps to detect tax evasion or fraud by keeping transparency in transaction.
- A PAN Card is required for opening a Bank account, Post Office Savings Bank and demat account or applying for credit card or debit card. It is also required if you travel abroad or to buy financial instruments like mutual funds, bonds, insurance policies, etc of worth Rs. 50,000/- or more annually.
- A PAN Card is required for buying of motor vehicle more than two wheels. It is also required in buying and selling of immovable property and/or buying of jewellery of worth Rs. 5,00,000/- or more.
- A PAN Card is mandatory document who wish to apply for loan from banks or financial institutions. You’ll not be eligible to apply for any category of loan without a PAN Card.
To know more about your PAN Card visit Know Your PAN
If you wish to apply for instant e-PAN Card online, click here