A PAN card is an essential document for a variety of reasons. The card; mostly a ten-digit alphanumeric number issued by the income tax department is crucial when filing tax returns and conducting various transactions that requires one to identify themselves. Anyone who has this card can use it for a variety of purposes.

One of the uses of the PAN card is when performing some common bank transactions. For instance, if you want to make a deposit of more or equal to fifty thousand rupees to your post office savings bank account, you would need to show this card. People who want to buy orders, bank cheques and bank drafts would also need to show this card.

Another main use of the card is when making various transactions to banks and other financial institutions. The permanent account number helps banks to determine whether certain people can qualify for certain services. It is also used to determine whether anyone applying for credit cards from certain banks is eligible for the card.

The card should also be disclosed in the case of paying for foreign trips that charge more than twenty five thousand rupees. This is usually in form of cash and it essential when paying for the tour expenditures or purchasing foreign currency. The disclosure of the card details is also essentials when paying hotel and restaurant bills exceeding twenty five thousand.

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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