20 Specified Financial Transactions Where PAN Card Is Mandatory. PAN Card is a very essential document that facilitates financial transactions and business works. Individuals who are under taxable income category must have a PAN card number. The unique PAN number is alphanumeric and is a ten-digit number that acts as a valid identity proof as well as a prime document for operations related to banking and finance.
Pan card is issued by the Income Tax Department of the Indian Government. With the help of this card, financial transactions can be tracked and recorded. This is done to avoid any malpractices in financial transactions.
To get your own PAN card, one has to do PAN card online application through either NSDL or UTIITSL. If you are not sure whether or not to get a PAN card, you must learn about the specific transaction type where you need to submit the PAN number.
- When doing sale or purchase of immovable property worth 5 lac or more, you will require to submit PAN details.
- Any good purchase that is above 1 lac requires PAN card number.
- When buying or selling a car or any vehicle, PAN card is necessary.
- When you need to open a new bank account, you will require to submit your PAN card details. It is a very important document.
- In case you have to make a deposit of 50,000 rupees or more, you will need a PAN card.
- In case you require to get your credit card, from either a bank or an NBFC, PAN card number is required.
- Payment made in hotel or restaurant that exceeds 25,000 requires to submit PAN number.
- In case of foreign travel expense that exceeds 50,000 rupees, you need to mention PAN number.
- For new phone connections (mobile and landline).
- For buying or selling stocks, shares, bonds, etc that is above 50,000.
- Credit or debit card application.
- Purchase of mutual fund.
- Insurance premiums above 50,000.
- Gold jewellery worth 5 lac or more.
- To obtain sales tax, excise registration number.
- For the rent above 1 lac.
- For fixed deposit exceeding 50,000.
- For tax payments.
- Filing ITR.
- To submit Form 15G/H.
Anyone who does not have a PAN card must apply for it with the help of the online application system. He or she may also get the work done by an agent who is concerned with such official procedures. In case one is wondering about the steps to follow regarding the application process, it is necessary to learn on the same through various online resources.
One must also remember that a PAN card is required so that one gets their unique PAN number. It is advisable to avoid using the PAN card as identity proof. And one must not share their PAN number unnecessarily.
If the PAN card gets lost, application for the new one must be done immediately. Alongside this, an FIR should be filed. It is necessary that the PAN details do not land on any stranger’s hand. Make sure that you carry the document carefully and use it only required.
If you are a taxable person and do not have your PAN card, apply for it soon online using either NSDL or UTIITSL website.