15 Most Important Benefits of having a Pan Card

A Pan card is a very important document in terms of financial transactions. You have to be a pan card holder if you want to do these works properly in your daily life. Given below 15 most important benefits of having a pan card. 

What is a Pan card?

A Pan Card is a “Permanent Account Number” that is issued by the Income-tax department. On a pan card, a ten-digit pan number which is in both numeric and alphabetic characters is allotted to the individual in the form of a laminated card.

Read Also What type of income sources are taxable under the Indian income tax act 1961 in 2023?

How many days are required to get a New Pan card?

After applying for a Permanent Account Number i.e a Pan card the pan number is given to you immediately after the application process successfully completed. After that, you can get your New Pan Card within 2 to 15 working days by post. 

Read Also What is the relationship between transacting in excess cash and income tax?

After how many days you will get a new Pan card if made any corrections to it?

To get a new Pan card after any modifications to your Pan card details it comes to you by post within 5 to 15 working days.

What are the 15 Most Important Benefits of having a Pan Card?

Here are the 15 most important benefits of having a Pan Card in your daily routine life.

1. For Opening Bank Accounts – To open a new bank account in any bank a Pan card is a must document that is required during you apply for a bank account number. For any transaction of more than Rs. 50,000, a pan card must be linked to your bank account.
2. To invest in Fixed deposit (FD) – If you want to invest in FD and the value is above Rs. 50,000 then, you need a Pan number. This is because the banks cut TDS on your FD’s interest.
3. Apply for a Loan 
4. Can be used as an identity card 
5. For apply a telephone connection
6. For sales and Purchase
7. High price jewelry buying
8. Income tax return
9. tax return claim settlements
10. Foreign Currency exchange
11. Invest in securities
12. To open a Demat account
13. Real estate business
14. For Investing money through the share market
15. Mutual funds