Tuesday, April 1, 2014

The Main Uses Of A Pan Card

By Jamal D White

There many ways in which people use the PAN card. This car is obtained from the tax department to be used when carrying out various transactions that involve the use of money to increase transparency and better the results. Having this card can benefit you in a variety of ways.

The card is essential when conducting various banking and post office transactions. For instance, it is one of the most important documents when depositing Rs. 50,000 or more in any account with post office savings bank or a banking company. It is also important when buying bank drafts, orders and bankers cheque in cash form more or equal to Rs. 50,000.

When making certain applications to banks and other banking institutions, the card is also essential. The reason banking institutions ask for this card is to determine whether someone qualifies to get the kind of service they need. The permanent account number is also essential when someone is applying for a credit card from a bank as it is used to determine if you have qualified for such cards.

The card should also be disclosed in the case of paying for foreign trips that charge more than twenty five thousand rupees. This is usually in form of cash and it essential when paying for the tour expenditures or purchasing foreign currency. The disclosure of the card details is also essentials when paying hotel and restaurant bills exceeding twenty five thousand.

The card is also essential when someone is looking to sell or buy immovable property valued at an amount equal or more than five lakhs. The moment you decide to buy immovable property, you would need to make sure you get the permanent account number of the seller. Before you pay for a co-owned property, you would also need to make sure you get the PAN of all the owners.

When selling and purchasing vehicles, the PAN is as well important. However, it is not mandatory when buying a two-wheel vehicle or vehicles used in factories and other enclosed premises. This is mostly because most of these companies would have already set ways in which they cater for their taxes. In addition, most of them would have already established their reputation hence no need for identification.

In the case of paying for mutual funds, you would also need the PAN card. People looking to get their company shares and company debentures need also to show this card. In addition, before someone is able to get bonds from a bank, they would need to disclose their permanent account number.

It is also one of the main essential documents for anyone looking to install telephone connections. This can be either connections related to cellular phones or other phone systems. The reason for using the PAN card is to make sure that issues of fraud and tax evasion are kept as low as possible. It also ensures the people making the transactions can be sure of obtaining positive results from such transactions.

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