Even if you are not a taxpayer get a PAN card made know benefits and Use

pan card A document used as an essential document, which is not only income tax return (Income Tax Return) is useful only for filling or taxpayers, rather it is being used in many places. the central government pan card The process of linking PAN card with Aadhaar has been made mandatory. At present, a charge of Rs 1000 will have to be paid for linking PAN card with Aadhaar. Let us know what are the benefits of getting a PAN card.

Apart from being used by the Income Tax Department to track taxpayers, PAN card is essentially required for many transactions. That is why it is very important to know about the use of PAN card. There are many benefits of using PAN card. This includes many benefits other than starting a business, tax deduction benefits, opening a demat account, income tax filing, buying foreign exchange.

help starting business
There are many uses of PAN card when it comes to starting a business. As per the norms set by the Government of India, PAN is mandatory for every business in the country. Also companies in business need a Tax Registration Number or TRN to do business and file tax returns.

tax cut
There is less deduction when PAN card is linked with the bank. If a person having annual interest income of more than Rs 10,000 on savings deposits has not linked his PAN with the bank account, the concerned bank will deduct TDS at the rate of 30% instead of 10%.

Opening a Demat Account or Bank Account
According to SEBI rules, if someone does not have a PAN card, then one cannot open a demat account, which means that he cannot invest in the stock market either.

income tax return filing
Every person eligible for income tax has to file his income tax return and to do so PAN card is a must.

Investment and purchase of RBI bonds or insurance
Before investing, one has to first fill up a form available on the website of Association of Mutual Funds of India (AMFI). In addition, he/she has to attach an address proof and a self-verified copy of the PAN card. A PAN card is mandatory for investing Rs 50,000 or more in RBI bonds.

buy forex
As per the Foreign Exchange Management Act, a PAN card is required to purchase foreign exchange of Rs 50,000 or more.

real estate purchase or sale
A person is required to provide PAN details while selling or buying immovable property. For example, if the value of a house is more than Rs 10 lakh, then PAN card is mandatory.

buy or sell four wheeler
PAN card is also mandatory if a person sells or buys a four wheeler. Even in cases where a person wants to take a loan to buy a car, it is necessary to have a PAN card.

Cash Deposit, Payment Order, Banker’s Cheque, Bank Draft
If one wants to opt for pay order, banker’s cheque, bank draft and cash deposit above the limit of Rs 50,000 then PAN card will be required to be shown.

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