PAN Card (Permanent Account Number) is an essential document for many financial transactions. It is mandatory to have a PAN card for certain types of financial and legal activities.
PAN card has become an integral part of our lives. For employees, PAN card is mandatory for salary accounts. Even businessmen cannot move without PAN card. But have you ever thought that if you do not have PAN card, which of your works will be hindered, why is PAN card so important? What will happen if you do not have PAN card. Today we are going to tell you 10 such things where if you do not have PAN card, your work will not be possible.
PAN Card (Permanent Account Number) is an essential document for many financial transactions. It is mandatory to have a PAN card for certain types of financial and legal activities. Below is a list of 10 important activities that cannot be done without a PAN card.
1. Filing Income Tax Return (ITR) on Annual Income:
You cannot file Income Tax Return without PAN Card. PAN Card is required while filing Income Tax Return.
2. Cash deposits or transactions exceeding Rs 50,000:
It is mandatory to provide a PAN card while depositing an amount exceeding Rs 50,000 in cash in the bank.
3. Getting a new credit or debit card:
PAN card is required for credit or debit cards from banks.
4. Investing in Mutual Funds or Share Market:
Without a PAN card, you cannot invest in mutual funds, shares or debentures.
5. Fixed Deposit (FD) above Rs 50,000:
PAN card is mandatory to open a fixed deposit of more than Rs 50,000 in a bank.
6. Buying or selling property:
You cannot buy or sell property without a PAN card. PAN card is especially required for transactions exceeding Rs 10 lakh.
7. Purchase of car or other large vehicles:
PAN card is required when purchasing a car or other large vehicles worth more than 10 lakhs.
8. Transactions for foreign travel:
PAN card is required while booking a travel package for foreign travel or making transactions exceeding Rs 50,000.
9. Payment of premium for insurance policy exceeding Rs 50,000:
PAN card is mandatory for insurance policies with premium exceeding Rs 50,000.
10. Opening a bank account to start a business:
PAN card is required while opening a current account for a business.
Not having a PAN card limits your financial transactions. Therefore, it is always beneficial to have a PAN card. The process of making a PAN card is now available online, easy and fast.
How to apply online?
- Follow the steps below to get a PAN card online:
- Go to the official portal of NSDL.
- Click on ‘Apply for PAN’ on the homepage.
- Enter the required details.
- To get a PAN card online from home, go to the e-filing portal and click on ‘Instant PAN
- through Aadhaar’.
Then select ‘Get New PAN’. Here you will be asked for your Aadhaar number. - Documents required for PAN card: Applicant’s address, identity proof, identity proof of parents of minors.
- After submitting the PAN card, it takes 15-20 working days to issue the PAN card.
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