People use the permanent account number for various purposes. This number is assigned to the users by the tax department for use during various transactions and when giving certain information related to the card owner. There are many occasions and ways the PAN card can be of great use.
The card is essential when conducting various banking and post office transactions. For instance, it is one of the most important documents when depositing Rs. 50,000 or more in any account with post office savings bank or a banking company. It is also important when buying bank drafts, orders and bankers cheque in cash form more or equal to Rs. 50,000.
When making certain applications to banks and other banking institutions, the card is also essential. The reason banking institutions ask for this card is to determine whether someone qualifies to get the kind of service they need. The permanent account number is also essential when someone is applying for a credit card from a bank as it is used to determine if you have qualified for such cards.
When paying a trip to a foreign country that exceeds Rs. 25,000, the card is also essential. These payments include cash payments made for purchase of foreign currency, towards fare or to a tour operator. A person also needs the card when making cash payments exceeding Rs. 25,000 to restaurants and hotels.
People also need the card when purchasing or selling immovable properties equal to Rs. 5 lakhs or more. Before the transactions are completed, the buyer is required to get the PAN of each person who claims to own such properties. For instance, if more than one person owns the property, the property buyer should make sure they get the PAN of all the people who claim a share on such property.
When selling and purchasing vehicles, the PAN is as well important. However, it is not mandatory when buying a two-wheel vehicle or vehicles used in factories and other enclosed premises. This is mostly because most of these companies would have already set ways in which they cater for their taxes. In addition, most of them would have already established their reputation hence no need for identification.
When paying for mutual fund units, you would also be required to show this card. In addition, when you want to acquire company shares via a public means or even acquire institutional debentures, you would also need to disclose the details of your PAN card. People also need to show this card before they acquire bonds from banking institutions.
A PAN card is also essential when applying for the installation of telephone connections. These include connections for cellular and telephones. This card is required during these applications to ensure high levels of transparency during transactions and reduce issues of fraudulent transactions and tax evasion. The PAN is mostly needed to make sure both the beneficiary and the benefactor can enjoy the benefits of deciding to purchase, sell or hire certain services with reduced issues of fraud.
The card is essential when conducting various banking and post office transactions. For instance, it is one of the most important documents when depositing Rs. 50,000 or more in any account with post office savings bank or a banking company. It is also important when buying bank drafts, orders and bankers cheque in cash form more or equal to Rs. 50,000.
When making certain applications to banks and other banking institutions, the card is also essential. The reason banking institutions ask for this card is to determine whether someone qualifies to get the kind of service they need. The permanent account number is also essential when someone is applying for a credit card from a bank as it is used to determine if you have qualified for such cards.
When paying a trip to a foreign country that exceeds Rs. 25,000, the card is also essential. These payments include cash payments made for purchase of foreign currency, towards fare or to a tour operator. A person also needs the card when making cash payments exceeding Rs. 25,000 to restaurants and hotels.
People also need the card when purchasing or selling immovable properties equal to Rs. 5 lakhs or more. Before the transactions are completed, the buyer is required to get the PAN of each person who claims to own such properties. For instance, if more than one person owns the property, the property buyer should make sure they get the PAN of all the people who claim a share on such property.
When selling and purchasing vehicles, the PAN is as well important. However, it is not mandatory when buying a two-wheel vehicle or vehicles used in factories and other enclosed premises. This is mostly because most of these companies would have already set ways in which they cater for their taxes. In addition, most of them would have already established their reputation hence no need for identification.
When paying for mutual fund units, you would also be required to show this card. In addition, when you want to acquire company shares via a public means or even acquire institutional debentures, you would also need to disclose the details of your PAN card. People also need to show this card before they acquire bonds from banking institutions.
A PAN card is also essential when applying for the installation of telephone connections. These include connections for cellular and telephones. This card is required during these applications to ensure high levels of transparency during transactions and reduce issues of fraudulent transactions and tax evasion. The PAN is mostly needed to make sure both the beneficiary and the benefactor can enjoy the benefits of deciding to purchase, sell or hire certain services with reduced issues of fraud.
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