A permanent account number (PAN) card is very important more so to people who file income tax returns or who engage themselves in large financial transactions. This card is used for a number of purposes; in the tax system and for investment purposes. Having this PAN card allows you to enjoy a number of benefits as it enhances your creditability in the eyes of financial institutions making it easy for you to qualify for numerous types of loans.
The card is normally used in the income tax department to help them track their financial dealings of a certain period thus enabling them to calculate and fix rate at which businesses are taxed. It also helps them calculate the amount of taxable income within the businesses. This helps avoid a case where one is taxed less or more than expected.
This card may also be used to serve the same purpose as the national ID card. It normally has a photograph, the name and the address of the individual holding it. For this reason, it is very important as it can be helpful where you need to provide you ID and you do not have it at that moment. You can produce this card instead as it is a nationally accepted proof of identity.
The PAN card determines the tax levy you are required to pay. This means that without the card you are likely to be taxed at the highest rate possible since the tax system tends to calculate your tax rate with the help of this card. People that usually pay tax deducted at source and lack a pan card have a greater likelihood of paying the tax twice as this type of tax cannot be counted with the absence of this card.
Even if your card is lost or stolen, you are still recognized with the taxation authority. This is because the number remains the same even though the names and address of your card may change. Thus, this ensures that there are no chances of misusing this card.
This card also enables one to get into a number of financial transactions from which you can open demat account. This allows you to sell, buy or share property and other assets. Whenever you are carrying out transactions that involve purchases or sales of immovable assets, you would be needed to quote the number of pan card for reference thus this card is very important.
The card is as well used to ensure that your transaction is transparent with less or no frauds. This avoids you from carrying out transactions that could cause loss of property or money. Thus, you should enhance the use of this card as it ensures safety of both your funds and assets especially when you are dealing transactions that involve a lot of money.
This card as well enables you to operate bank accounts that are vital and beneficial to your business. Whenever a person is depositing a large amount of money to the account, he or she is needed to provide this card to ensure that the transaction is done in the right manner. The card is also needed when you are carrying out transfer of money from one account to another bank account to enhance security of money in the bank.
The card is normally used in the income tax department to help them track their financial dealings of a certain period thus enabling them to calculate and fix rate at which businesses are taxed. It also helps them calculate the amount of taxable income within the businesses. This helps avoid a case where one is taxed less or more than expected.
This card may also be used to serve the same purpose as the national ID card. It normally has a photograph, the name and the address of the individual holding it. For this reason, it is very important as it can be helpful where you need to provide you ID and you do not have it at that moment. You can produce this card instead as it is a nationally accepted proof of identity.
The PAN card determines the tax levy you are required to pay. This means that without the card you are likely to be taxed at the highest rate possible since the tax system tends to calculate your tax rate with the help of this card. People that usually pay tax deducted at source and lack a pan card have a greater likelihood of paying the tax twice as this type of tax cannot be counted with the absence of this card.
Even if your card is lost or stolen, you are still recognized with the taxation authority. This is because the number remains the same even though the names and address of your card may change. Thus, this ensures that there are no chances of misusing this card.
This card also enables one to get into a number of financial transactions from which you can open demat account. This allows you to sell, buy or share property and other assets. Whenever you are carrying out transactions that involve purchases or sales of immovable assets, you would be needed to quote the number of pan card for reference thus this card is very important.
The card is as well used to ensure that your transaction is transparent with less or no frauds. This avoids you from carrying out transactions that could cause loss of property or money. Thus, you should enhance the use of this card as it ensures safety of both your funds and assets especially when you are dealing transactions that involve a lot of money.
This card as well enables you to operate bank accounts that are vital and beneficial to your business. Whenever a person is depositing a large amount of money to the account, he or she is needed to provide this card to ensure that the transaction is done in the right manner. The card is also needed when you are carrying out transfer of money from one account to another bank account to enhance security of money in the bank.