PAN card: Why is it necessary?

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PAN card: Why is it necessary?
As per Income Tax department Permanent Account Number (PAN) is mandatory to file income tax return on all categories of taxable income. PAN is essential in many financial transactions as well.

There are many instances where you will need you will need your PAN card. Here are few cases where you have to keep PAN card handy.

PAN Card is essential for the following circumstances

  • To open a bank account
  • For bank deposit over Rs 50,000.
  • While, opening demat and trading account.
  • For demand drafts exceeding Rs 50,000.
  • Cheque deposits over Rs 50,000.
  • Purchase or sale of any property in India.
  • Purchase or sale of cars.
  • Cash payments for travel expenses more than Rs 25,000
  • TDS return to income tax department.
  • When you take a loan: home/ personal/ other

Read more about: pan card, income tax
Story first published: Wednesday, May 22, 2013, 12:19 [IST]
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