Use of Permanent Account Number | Know Your PAN Status | PAN Details – tin-nsdl.com
The Permanent Account Number issued by the Indian Income Tax department. It is acceptable nationally. Let’s have a look at its number of uses:
§ Used as an Identity while filing income tax return and while paying the tax thereon.
§ Now a day’s asked by every financial institution for opening an Account with them. For example PAN card is required to open an account with bank.
§ Depositing an amount exceeding Rs.50,000 with the Bank.
§ Opening a fixed deposit exceeding Rs. 50,000, as the bank has to deduct TDS @ 10% on the basis of Pan but if the same is not provided the TDS will be deducted @ 20%.
§ PAN card is to be provided for availing a loan.
§ Required for installing a telephone.
§ Required to be submitted while paying bills of hotels and restaurants exceeding Rs. 25,000.
§ For making application for availing credit card.
§ Compulsory required while purchasing or selling any immovable property the gain on which is taxable in India.
§ It is required to be submitted at the time of purchasing any automobiles that require registration. It is not mandatory for purchasing two wheelers, any vehicle running on fix rail in a factory or other allied premises or any vehicle that has wheels less than 4 and an engine capacity less than 25 cc.
§ PAN card is required to purchase shares or debentures the amount of which exceeds Rs. 1,00,000.
§ It is also to be submitted for opening a D-mat account.
§ A copy of PAN card is required to be submitted for purchase of jewelry of amount exceeding Rs.5,00,000.
§ In case a cash payment is to be made to an travel agent for a foreign trip for amount of Rs.25,000 or more as single payment, then the entity has to produce the PAN card.
§ In case a NRI has an income taxable in India, they also have to hold a PAN card.
§ An entity has to provide PAN card for any transaction that a central government notifies for the time being in force.
§ It is required to deposit an amount exceeding Rs. 50,000 in Post Office saving account, but not mandatory in case of purchasing Kisan Vikas Patra (KVP) or National Saving Certificates (NSC).
§ Required for purchasing any debentures, bonds, mutual fund units exceeding the amount of Rs. 50,000. It also applies in case of purchasing RBI Bonds or debentures of amount exceeding Rs. 50,000.
§ IT is required for the guardian in the hands of whom the income of minor is taxable.