“PAN” a very important word that you have heard almost all the times when you are up for any government-related work. So, what is PAN? And why it is important for every individual to have a PAN card? What issues you will go through if you don’t have a PAN card? Today, we will be answering all of these questions just to spread awareness among our audience who still do not realize that why having a PAN card is necessary.
If you are one of them then this guide is only for you! Go through it, learn what PAN card is, its importance and get your PAN card as soon as possible to save yourself from various kind of issues!
So, let’s start!
What is PAN Card?
Stands for Permanent Account Number, a “PAN” is a unique number having 10-digits, mixed with numbers and letters such as “ABC123”. The PAN card is provided by the Income Tax Department of India to every single person who is eligible for it especially the tax payers.
The PAN card is issued under the Act 1961 of Income Tax Department which is further supervised by the Central Board of Direct Taxes (CBDT).
As technology is replacing everything, it has become quite easy now to apply for PAN card and other important documents or identity proofs such as passport, AADHAR and more. Similarly, the unique PAN number is also provided through the technology, all the process is computer-related, and on each PAN number, every single information related to the TAX is recorded.
Moving forward, it is also important for you to have knowledge regarding why having this document is important, so let’s check it out:
Why PAN Card is Necessary?
The time comes when you decide to buy your dream home or your dream car, or anything big or when you are the player of the stock market or you are planning a foreign trip, you need to exchange the currency right? Do you think all these things can be done without a PAN card? If yes, then you are going to face problems! Be alert and find out the importance of PAN card:
If you are willing to open a bank account and you don’t have a PAN card, then difficulties will stand like a strong wall in front of you. So, whenever you are going to open a new bank account, make sure you have issued your PAN card already.
Obviously, when it comes to even the smallest task that associates with the Income Tax Department, you will be needing a PAN card. All taxpayers must have a PAN card as they will need it at the time of filing the IT returns.
Issuing a credit/debit card:
If you want to have either a debit card or credit card, you need to provide PAN card details to your bank.
You can use your PAN card as an identity proof while booking tickets, hotels or anything.
Though the process of buying or selling properties in India is quite easy, as a buyer or seller you need to have your PAN card for proof.
Want to take a loan from the bank? Your loan will only get sanctioned if you will provide your PAN card details to the respective bank from which you want a loan.
And there is more! We hope you are now aware of what a PAN card is and why it is necessary. Get your PAN card now and live peacefully! Do share this important information with your friends and loved ones!