PAN card is one of the most important documents in Indian documents which is used for lending money in banks. If you want to deposit more than 50 thousand rupees in your bank account, then you need a PAN Card.
PAN card is used to pay taxes on your income for business activities or any type of tax. Previously, Banks allowed unlimited transactions without PAN Card, but after the demonetization in the country, the largest central bank of India, the Reserve Bank of India has made mandatory to have a PAN card for all bank account holders.
If you do not have a PAN card and if you want to open your account, then get your PAN card made first. In this article, we are going to tell you completely what is a PAN card, why it is necessary to make it, what are the other benefits of it, And how to create PAN card easily.
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What is a PAN Card ?
The full form of PAN CARD is Permanent Account Number.
PAN Card is a kind of ID proof, through which we do not have any problem in withdrawing and depositing money from banks. 8
With the help of a PAN card, you can open an account in banks, you can create a credit card, you can open your online e-wallet account, and most importantly, to take any type of loan.
The PAN card has a numerical number of ten which is issued by the Income Tax Department. This number is different for each user.
Apart from this, your name, father’s name, date of birth is written on the pen card, which you can use instead of an identity card to get any type of government documents if needed.
PAN card is made as the Indian Income Tax Act 1961 laminated card is issued under the supervision of the Central Board of Direct Taxes (CBDT).
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The number on the PAN card ?
The number of pen card numbers is ten digits, in which the numbers are alphabet and numeric, each number has its different meaning.
The number given in the PAN card consists of the initial five numbers alphabet, then four numbers are numerical, then the tenth letter is the alphabet.
So this is how the PAN card has designed ten numbers.
In the first five alphabets of the PAN card, one of the first three letters can be between A to Z.
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Why PAN card is important ?
- PAN card contains any of your name, father’s name, date of birth, and signature, which you can use instead of an identity card.
- With the help of a PAN card, it is easier for you to fill the tax, without filling the pen card, you have to pay more money.
- In today’s time, you cannot even open an account in banks without a PAN card.
- With the help of a PAN card, you can avoid problems in income tax.
- If you are an expatriate, that is, you have come from other countries, then you can easily buy a property with the help of a PAN card and start your business too.
- A PAN card is also required to open an account or take a loan in banks.
- The PAN card is used in financial and business operations
- You need a PAN card to purchase more than two-wheelers.
- PAN card has been made mandatory to open an account in any type of government or private banks. And you also have to show your original pen card for verification and submit a photocopy.
- If you want to take advantage of a debit card or credit card, then you must have a PAN, only then you will be able to get the benefit of these facilities.
- If you want to invest in a share market or a mutual fund, then you need a PAN card to transact in it.
- If during travel, the bill for any hotel or restaurant is more than fifty rupees and you want to pay that bill in cash, then you must have your PAN card.
- A PAN card is required to get a bond from any government or private company or to borrow more than 50 thousand.
- Whenever any type of bond is sold by the Reserve Bank and its amount is more than 50 thousand, then you have to have a PAN card to buy it.
- When you purchase a draft or order or banker’s check from any financial company or co-operative bank, if you transact an amount of 50 thousand or more, then you will have to submit a PAN card for it.
- If you are an insurance holder and your annual premium is more than Rs 50 thousand, then you must have a PAN card to deposit it.
- In today’s time, a PAN card is also required to buy and sell property in big cities or metro cities.
- A PAN card is also required to open an account or take a loan in banks.
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How to apply for a PAN card ?
When the PAN card was introduced in the country, only government employees could apply to get a PAN card, but now the time has changed so now any citizen of the country, whether it is a government employee or working in a private company. Be it or a businessman, you can apply to get all PAN cards.
How to make Pan card
Apart from this, migrants from other countries can also apply for a PAN card.
The facility of making PAN card is also both online and offline, you can make it according to your wish in any way.
But the facility of making PAN card online is very fast and easy. Through which you get a PAN card between one day to ten days.
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How to apply for PAN card online
1. You must first visit the website https://incometaxindia.gov.in/ or https://www.tin-nsdl.com/
2 You have to submit two recently taken photos.
3. You need an identity card such as an Aadhaar card, Voter ID card, driving license, passport.
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How to check after applying for a PAN card ?
If you have applied to get a PAN card, now is the turn to check to get it removed.
When you apply online, you receive an acknowledgment number that you can use to check the status of your card.
First of all, open the website https://www.tin-nsdl.com/
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