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Sunday, September 26, 2010

Why is a PAN Card compulsory & the benefits of having a PAN number?

In this article we will try to find out the benefits of using the permanent account number (pan card) and about why one should have a PAN card from India. The benefits may not be that well defined but yes it is definitely required for any kind of financial transaction actually. If one needs to file the incomes tax returns, credit card or open a demat account, he or she would definitely require the pan card. The pan card can also act as an identification proof of any individual. But this can never act as your address proof.

Just the identity proof’s purpose is served by this. There are many people, who do not possess a voter id card, voter ID card is not mandatory. Similarly pan card is also not a must for everybody but definitely a compulsion if you intend to invest or carry finances in India.

A PAN card holder can also enjoy the benefits of not filing tax returns if his level of income is far less than the specified limit actually. The pan card can also serve as a social security number, if not completely then at least some what. Nowadays it has been observed that all the major transactions that are more than rupees 50, 000 are done by the help of a pan card. This is important since this helps the IT department to remain absolutely updated about the transactions. One should try to take care of the pan card and not land up losing it. If lost, then an FIR must be filed immediately by the person and one should apply for another pan card as soon as possible. The new pan card is supposed to reach you very soon. Yes, this can definitely be mentioned as the drawback, you might be expected to wait for your pan card to appear after you apply for one. But once your receive it, it would be very easy to keep track of all your transactions.
  • The pan card can be really called unique as such and since it is permanent so one has the advantage of using it as a national identity proof.
  • The pan card is not affected if the address of the person changes. So you really need not harbor any tension of applying for a new one if you choose to shift your base within your country. 
  • Pan card stands out to be very useful in cases where one wishes to open a new bank account for that matter. 
  • Even for the proper functioning of the demat account one would require the pan card. With the demat account one can carry out share transactions. 
  • Now if a person wishes to apply for a credit card, he would require his or her pan card. This is an absolute necessity. 
  • If one intends to purchase the banker’s checks, pay orders or bank drafts that too within one single day then they would definitely require the pan card. 
  • If one wish to sell or buy properties that are immovable and which are valued at Rs500, 000 or more then a pan card would be required and if it is co owned by more than one person then the name of both must be mention on their pan cards. 
  • The pan card is also very useful for buying shares, debentures, derivatives or any other kind of securities which have values more than Rs.1 lakh or more than that. 
  • Payment of hotel bills can also be facilitated if it is a minimum amount of Rs.50,000. 
  • In case a minor wants a time deposit or a bank account for which he or she needs to hold a pan card, the guardian’s name is also required in such case.
To conclude you need a permanent account number to carry any kind of financial or investment related transactions in India.

1 comment:

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