Importance of Pan Card

PAN (Permanent Account Number) is issued by the Income Tax Department as a unique identity for Taxpayers or Income Tax Assessees. PAN is 10 digit numbers. PAN card is important to those who are liable to pay Tax. PAN card is important to keep a track of all financial transactions by the Income Tax Department.

                                      

                               

Pan Card Importance 

Pan card is important in too many conditions. When we work on an international Platform then the pan card is most important. It also works for identity proof.

Pan is Mandatory

  • If a person is liable to pay Income Tax and file ITR (Income Tax Return).
  • If you start any business or profession whose turnover exceeds Rs 5lakh in any year.
  • If you want to buy and sell a motor vehicle bigger than a two-wheeler.
  • If you want to open a Bank account and applying for debit and credit card.
  • If you want to open a Demat Account.
  • If you pay in cash of an amount exceeding Rs50,000 to a hotel or restaurant.
  • If you want to buy mutual funds, debentures, bonds more than Rs 50,000.
  • If you pay Life insurance premium more than Rs 50,000.
  • If you want to sale and purchase of securities, other than shares for amount exceed 1Lakh / transaction.
  • If you want to sell or purchase goods and services.
  • If you want to sell or purchase any immovable property for an amount exceeding Rs 10Lakh.

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