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Pan Card Application

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You may think that it's really cumbersome to apply for a PAN card living as an NRI in UK. But at Alankit, this is what we do. We make it easier for every NRI to have their PAN cards in the pockets within just a few days through error-free PAN card application process. You can also apply for new PAN Card, duplicate PAN Card and much more at our website we provide you full assistance throughout. – PowerPoint PPT presentation

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Title: Pan Card Application


1
Why Having a Pan Card is so Important?
  • Importance of PAN Card

2
Uses and Importance of PAN Card
  • The major objective of the PAN Card is to prevent
    tax evasion by individuals and business entities
    as it links financial transactions made by
    individuals and entities. The Income Tax
    Department has a detailed record of all
    transactions above 50,000 and above for tax
    purposes.
  • PAN Card serves many purposes besides just being
    a way to prevent tax evasion and track monetary
    transactions.

3
Below Explained are The Uses of PAN Card
  • Making Investments Investing in securities helps
    to accumulate wealth over time. People who
    consider investing in securities must furnish
    their PAN details for any financial transactions
    worth INR 50,000 and above. This also covers
    mutual funds, equities, debentures, etc.
  • IT Returns Filing All individuals and business
    entities eligible for Income Tax should file
    their IT Returns. A PAN Card is a necessary
    document and is primarily used by individuals as
    well as other entities for filing IT Returns.
  • Proof of Identity As a unique alphanumeric code
    issued to every individual, PAN Card serves as an
    authentic identity proof and is also considered
    as age proof. While making an application for
    Voter ID Card, Passport, Electricity Connection,
    and Driving License, PAN is used as proof of
    identity.

4
  • Opening a Bank Account PAN Card plays a vital
    role in order to open a bank account. All banks,
    whether private or public require applicants to
    furnish their PAN Card details.
  • Buy or Sell of a Motor Vehicle Individuals who
    intend to buy or sell a motor vehicle valuing
    more than INR 5, 00,000 will have to provide
    their PAN Card details while conducting the
    transaction.
  • Foreign Exchange If you plan to travel abroad
    and wish to convert your currency into another so
    it is impotent to have Pan Card for NRI, PAN
    details are mandatory to be provided at the money
    exchange bank/financial institution where you
    intend to convert the currency.

5
  • Purchase of Jewelry As mandated by regulations,
    the purchase of jewelry valuing for over INR
    50,000 requires PAN Card deals.
  • Property If you are a NRI and want to buy, rent,
    or sell property, so it is important to have
    a Pan Number for NRI as a proof. PAN details are
    important for documentation for the sale and
    purchase.
  • Cash Deposits To make a cash deposit in banks
    that values over INR 50, 000 at a time,
    individuals have to submit their PAN details.
    According to the RBI regulations, it is a way to
    prevent money laundering.
  • Applying for a Credit or Debit Card Whether you
    are applying for a debit card or a credit card,
    it is a must for you to meet the criterion of
    furnishing your PAN Card details at any bank or
    financial institution. The bank will not accept
    your application for debit/credit card unless PAN
    Card details are provided.

6
  • Loans Both banks and other lending institutions
    who provide loans require you to submit your PAN
    Card details during loan application.
  • Insurance Payments According to the Income Tax
    Department rules, PAN Card details are to be
    submitted when making an insurance payment that
    exceeds INR 50,000 annually.
  • Fixed Deposit If you plan to invest money in a
    Fixed Deposit (FD) worth INR 50, 000 and above in
    a bank, you will have to provide your PAN Card
    details. In this case, PAN is necessary as TDS
    (Tax Deductible at Source) will be deducted on
    the FD interest amount.
  • Telephone Connections Private Cellular operators
    offer a new mobile/telephone connection when
    provided PAN Card details. Therefore, if you plan
    to buy a new telephone connection, you will have
    to submission of your PAN Card details is a must.
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