Benefits of having PAN
Permanent Account Number (PAN) is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (e.g. individual, firm, company etc.) is issued a unique PAN. The Permanent Account Number (PAN) is unique, national, and permanent. It is unaffected by a change of address, even between states in India. The PAN card carries your photograph, name and address. Hence it serves as a nationally accepted proof of identity. PAN is also must to file Income tax Return, a person who does not have a valid PAN can not file Income Tax Return.
Some of the reasons of having PAN are:
- PAN is required to be quoted in the deed made during sale or purchase of any immovable property value more than Five lakhs rupees.
- PAN is required during Sale or purchase of a motor vehicles having more than two wheels
- PAN is required for opening a bank account in both private and nationalized banks.
- PAN is required for cash deposit in bank or Post Office for Rs. 50000 or more
- PAN is required for contracts for sale or purchase of securities for more than one lakhs rupees.
- PAN is required to open a demat account.
As an ID proof, the PAN card is sure, dependable, nationally recognized and unchanging. A declaration in Form No – 60 can be made, if a person who does not have a PAN Card, enters into any of the above transactions.
Documents Required for PAN
Identity Proof of Applicant
Adhaar Card/ Copy of Passport/Driving licence.
Photographs of Applicant
2 Passport Size Photographs
Address Proof Applicant
Aadhaar Card / Copy of Passport / Ration Card
Date of Birth Proof
Aadhaar Card / Copy of Passport
How Does it Work ?
Provide Required Data
Apply for PAN