Hi,
A PAN Card is one of the most important documents we need today for ourselves. I say so because I have been in innumerable situations where the sole requirement is to have a PAN Card. For example, last month while buying a new car for myself, I had to submit my PAN Card copy to the dealer. There are many similar instances where you compulsorily require a PAN card which will make you understand what is PAN card used for. Let’s find out the uses below.
What PAN Card is Used for?Filing IT Returns: A PAN card is necessary for all those individuals who are eligible to pay income tax and thus are required to file their IT returns.
Bank Account Opening: PAN card is the most crucial document required for opening any kind of bank account, be it a savings account or a current account. It is asked by every bank in India to open an account with them.
Purchase or Sale of Motor Vehicle: A PAN card is required if you want to buy or sell a motor vehicle that is more than Rs. 5,00,000 in worth.
Applying for a Debit or Credit Card: PAN is also used for applying for a credit or debit card by rule. Any bank or financial institution asks for PAN card details before issuing a debit or credit card.
Buying Jewellery: If you wish to purchase jewellery worth more than Rs. 5,00,000, then also you need to submit your PAN card details to the seller.
PAN card is also used for making investments in securities worth more than Rs. 50,000.
PAN card serves as a proof of identity and proof of age too.
PAN details are required when you want to convert your money from one currency to another.
When buying, selling, or renting a property, a PAN card is required as proof.
A PAN card is also required while taking a loan.
I hope I could enlist what is PAN card used for in different areas.
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Authors Of The Question
What is PAN Card Used for?
Sneha
1471 Views
1 Answers
2 Year
2022-04-25T21:55:58+00:00 2023-06-29T11:30:45+00:00Comment
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