Advantages and Usage of PAN Card

PAN card or permanent account number card is a widely used and accepted document in the Indian government/non-government system. This ten-digit unique alphanumeric card is issued by the income tax department. The card is crucial for bank transaction/ business work. It is also used as an identity proof of a person. PAN can be issued for a person as well as for the organization. PAN has become so crucial that almost every Indian citizen now has their Pan card.

If you don’t have a PAN Card and wish to get one, then all you need to do is to fill up the PAN application form. There are PAN Card Centers that could help you in applying for your first PAN. These centers can help in updating/ issuing new pan card as well

Purpose of PAN Card:

An identity proof: since the card is issued by a government department, it holds high value and it is considered valid and genuine identity proof. If you need to show your identity proof making any big purchase or opening a bank account purchasing policy or applying for medical claims and insurance then this document could help you.

Income tax return filing: PAN is a mandatory document for filing an income tax return. Individuals who are paying income tax must have a PAN card.

Opening a bank account: If you are moving to a new city and need to open a new bank account in a private/ government or co-operative bank then you have to provide your PAN card.

Apart from opening a bank account, PAN can also be used as identity proof while applying for a mobile SIM card, landline phone, purchase of foreign currency, bank deposit above 50,000.

Purchase and sale of property/ expensive jewelry: whether you are buying or selling property or making purchases of expensive jewelry adding a pan card copy is mandatory.

PAN card has increased transparency in dealing. Such documents are crucial and one needs to keep them carefully. But if somehow the card gets damaged or lost, then you may visit the pan card center to get a new card.

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