People use the permanent account number for various purposes. This number is assigned to the users by the tax department for use during various transactions and when giving certain information related to the card owner. There are many occasions and ways the PAN card can be of great use.
One occasion when this card comes in handy is when making post office and bank transactions. For instance, the disclosure of this card is essential before you make a time deposit of equal or more than fifty thousand rupees to a bank. The disclosure of this card is also essential when making a cash payment of equal or more than fifty thousand to purchase orders, banker's draft or cheque.
It is also important when making money-related applications to banks and other institutions that deal with money transactions. Most institutions need this card to evaluate anyone applying for their services to determine whether they are eligible for the service that they are applying for. It also enables banking institutions to determine if someone is eligible of getting a credit card from their institutions or not.
When paying a trip to a foreign country that exceeds Rs. 25,000, the card is also essential. These payments include cash payments made for purchase of foreign currency, towards fare or to a tour operator. A person also needs the card when making cash payments exceeding Rs. 25,000 to restaurants and hotels.
The PAN card number should also be included during a sale or purchase of immovable property valued at five lakh. As the buyer, you are required to make sure you get the permanent account number of the person selling such property. In the case when the property is co-owned, you should make sure you get the permanent account number of the people that own such property.
If you decide to purchase or sell an automobile, you would also need to disclose this card. The good thing is however that not all types of automobile that need the disclosure of the permanent account number, as it is only for vehicles that more than two wheels. Companies would also not need to show their permanent account number as they are already known and their companies already have an outstanding way via which they pay tax.
When paying for mutual fund units, you would also be required to show this card. In addition, when you want to acquire company shares via a public means or even acquire institutional debentures, you would also need to disclose the details of your PAN card. People also need to show this card before they acquire bonds from banking institutions.
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.
One occasion when this card comes in handy is when making post office and bank transactions. For instance, the disclosure of this card is essential before you make a time deposit of equal or more than fifty thousand rupees to a bank. The disclosure of this card is also essential when making a cash payment of equal or more than fifty thousand to purchase orders, banker's draft or cheque.
It is also important when making money-related applications to banks and other institutions that deal with money transactions. Most institutions need this card to evaluate anyone applying for their services to determine whether they are eligible for the service that they are applying for. It also enables banking institutions to determine if someone is eligible of getting a credit card from their institutions or not.
When paying a trip to a foreign country that exceeds Rs. 25,000, the card is also essential. These payments include cash payments made for purchase of foreign currency, towards fare or to a tour operator. A person also needs the card when making cash payments exceeding Rs. 25,000 to restaurants and hotels.
The PAN card number should also be included during a sale or purchase of immovable property valued at five lakh. As the buyer, you are required to make sure you get the permanent account number of the person selling such property. In the case when the property is co-owned, you should make sure you get the permanent account number of the people that own such property.
If you decide to purchase or sell an automobile, you would also need to disclose this card. The good thing is however that not all types of automobile that need the disclosure of the permanent account number, as it is only for vehicles that more than two wheels. Companies would also not need to show their permanent account number as they are already known and their companies already have an outstanding way via which they pay tax.
When paying for mutual fund units, you would also be required to show this card. In addition, when you want to acquire company shares via a public means or even acquire institutional debentures, you would also need to disclose the details of your PAN card. People also need to show this card before they acquire bonds from banking institutions.
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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