Posted by Why You Should Have a Pan Card. BY Suyogya Awasthy
AUTHOR: Suyogya Awasthy, NLU Visakhapatnam
In the social jungle of human existence, there is no feeling of being alive without a sense of identity. ~Erik Erikson
Permanent Account Number is a 10 digit alphanumeric number issued by the Income Tax Authorities under the supervision of Central Board of Direct Taxes or CBDT.
It is a unique number assigned to an individual and is mandatory from taxation point of view and every individual should have one. The primary motive and purpose of a PAN card is to track the financial transactions carried out by individuals so as to keep tabs on any illegal money laundering and also to avoid tax evasion. However apart from filling your taxes and giving details of your financial transactions, PAN is required for a number of other reasons as well.
In a layman’s language the simple use of this card is why to keep so many documents and records in paper which might get lost when all your information is stored in a single card which if may get lost there won’t be any misuse because it is your permanent number which will remain alive as a proof even after your death. It’s just not an account number but it proves the nationality of an individual which may help in times if any trouble occurs in future. If we are trying to succeed ourself in the race of globalization as well as digitalization why not to consider these small things which might prove as a very helpful instrument to the citizens as well to the nation too.
It’s not very difficult to get a PAN card, one can get the form from the various offices present n different cities and even by online process where your PAN car will be posted directly at your doorstep after the verification of your documents though charges may differ if you are applying for it online. It seems to be very useful when you are It is necessary to give the PAN card number when you buy or sell immovable properties in India,when you buy automobiles, you will have to give this number, buying banker’s draft, pay orders and checks require PAN card, if you buy shares or debentures exceeding the value of Rs. 1 lakh, you need to supply the PAN card, PAN card is necessary to make any deposit exceeding Rs. 50000.00,PAN card is also necessary for initiating a bank account, starting a demat account or applying for a credit card and finally, you may produce the PAN card as a valid photo ID proof. The advantages of keeping PAN card are Without a PAN card, you will be taxed at the highest rate possible,If you pay TDS (tax deducted at source), that cannot be counted without a PAN card and you may end up paying tax twice,with a valid PAN card, you can easily enter into different financial transactions. You can obtain landline and cell phone connection; you can open demat account; you can buy and sell property and share and much more,If you are NRI, you can easily buy property or engage in business in India with the help of your PAN card without filing tax returns,a minor account can be opened and operated easily with the PAN card of the guardian,Not only does the PAN have all these great advantages, but also it is necessary to carry on most of the normal transactions. The process has been highly simplified. So, you should make no delay in getting your PAN card.
Source: indiapancard.in
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This Article was prepared or accomplished by Suyogya Awasthy in his personal capacity. The opinions expressed in this article are the author’s own and do not reflect the view of the LawOF.in
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