What are the benefits of PAN Card? | What are the uses of PAN card?
The PAN should be disclosed in the documents referring to the purchase or sale of a property. The Income Tax Department look over all the balance transition in or out of your account to calculate your income tax. All returns, quarterly statements, challans and correspondence with the Income Tax authorities should include the PAN card number. In the event of sale or purchase of immovable property valued at five lakh or more, the PAN card number is to be included. The PAN card helps them as an identification number.
The PAN card number should be disclosed in the case of sale or purchase of motor vehicles requiring registration. It will help the producer to check for the legal money. A time deposit of more than ₹ 50, 000 with any banks and deposit of more than fifty thousand with post office savings also requires disclosure of PAN card details. The Income Tax department checks all the money movement so that illegal money could be caught by the government.
The PAN number is essential in a cash payment of fifty thousand or more for purchase of bank drafts; pay orders too require disclosure of PAN number. Practically all the payments which exceeds minimum allowed payments have to be included PAN number like application for installation of telephone including mobile phones, payments made to hotels and restaurants that exceed ₹ 25000, opening a bank account, an application drafted for issue of credit card, renewal of ATM Card, all these transactions do entail mandatory disclosure of PAN card details. Each and every information regarding money go under the radar of the income tax department.
Who must have a PAN?
Now the question is who must have a PAN card?
All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. The Income Tax Department always keep them in their radar.
Any person, who intends to enter into financial transaction where quoting PAN is mandatory, must also obtain PAN because of the bulk of money movement involved in the transaction.
The Assessing Officer may allot PAN to any person either on his own or on a specific request from such person. The PAN card also acts as the identification number for the person and it contains flawless information.
Can an application for PAN be made through Internet?
Application for fresh allotment of PAN is welcome through the Internet. Further, requests for changes or correction in PAN data or request for new PAN card (for an existing PAN) may also be made through the Internet. Click here for more detail.