Why PAN card is important
The use of PAN card, from filing income tax returns (ITR) to the transaction of money, is now being used daily. Let us understand here that where the PAN card is required.
Pan card is being discussed the most these days. Because, if you give wrong information of PAN, you can face a heavy penalty. Therefore, it is important to correct any kind of mistake in the PAN card.
Because PAN card is a very important document. First of all, it is important for you to know what a PAN card is after. PAN or Permanent Account Number is a 10 digit number that shows your financial states.
It is issued by the Income Tax Department. From shopping to filing income tax returns, the importance of PAN is very much today.
PAN card required for purchasing a vehicle:
If you are buying a vehicle for more than Rs 5 lakh or selling an old car or vehicle, then you have to give PAN card details. Apart from this, details have to be given at the time of telephone connection also.
Cash Deposite More Than 50000/-
Important when depositing more than 50 thousand banks: If you are depositing more than 50 thousand rupees in your bank account, then PAN card is necessary for you.
Whether a bank account is current or current, a PAN card will be required. Also, if you apply for a debit card or credit card at a bank or other financial institution, then you will have to provide a PAN card.
PAN card is necessary to make a credit card: PAN card is also necessary for a credit card.
If you invest in securities and make a transaction of more than 50000 rupees, then the PAN number details have to be given. Apart from this, PAN card is required at the time of foreign exchange, property, loan, FD, cash deposit, etc.
When you buy jewelry worth more than 5 lakh rupees, you will have to give PAN card details at the time of shopping in the shop.
For filling ITR: PAN card is also necessary for filing income tax return. ITR cannot be filled without it.
Last date to file ITR with late fee on March 31.