PAN card is considered as an important document in India. Usually this PAN card is issued by Income Tax Department. On the other hand, PAN card helps to report all the transactions of the taxpayer to the Income Tax Department. PAN is also used to compare one’s investments, credit, business activities with the income tax return. So find out here which jobs require PAN card.
Identity document
We can also use PAN card as an identity document. Apart from Aadhaar card or Voter ID card, one can use PAN card as proof of identity.
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For investment purpose
Similarly if you want to invest in securities, you need to provide your PAN details for transactions above Rs.50,000. PAN card information is also mandatory for Mutual Funds, Debentures and Equity.
Demand for Income Tax Return
There are times when TDS is deducted rather than the actual tax payable. In such cases, the additional amount can be availed by linking the PAN card with the taxpayer’s bank account.
To get a loan
At the time of loan application, all required documents including your PAN card must be submitted. Be it education loan, personal loan or any other loan, PAN card is mandatory.
Filing of income tax returns
Eligible individuals and companies must have a PAN card to file income tax returns.
To open a new bank account
PAN card is also used to open a new bank account.
For real estate
PAN card is required as proof while buying, renting or selling a property.
Forex
If you want to exchange your Indian currency to foreign currency, you need to submit your PAN card details to the money transfer company.
For FD account
A PAN card is mandatory for investing in FDs above Rs 50,000.
Get a phone connection
If you want to get a new phone or mobile connection, you need to provide your PAN number to the cellular operators.
To buy jewelry
PAN card details must be submitted for jewelry purchases above 5 lakhs.
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