PAN Card is an acronym of Permanent Account Number. This is one of the most important government identification proof issued by the Indian Income Tax Department. This card is issued to the individuals, so that they can easily submit their tax returns and government can easily track the individual’s financial records. This PAN card has a 10-digit unique identification number, with each and every digit having a unique significance. This PAN card can also be used as a photo identification proof, when we are getting a SIM card or booking for gas connection or getting a telephone connection. This is also considered to be an important document of proof, when we are opening a bank account or performing high-value money transactions.
Benefits/Uses of PAN Card:
- This PAN card is considered to be a valid proof, all over the country. Since it carries our photograph and provided by the government to an individual, it is accepted under all circumstances.
- If we do not possess PAN card, then there is a risk of paying tax more than others, who have PAN card. Since the tax paid at the source of income will not be accounted, you will end up paying twice the amount.
- With the help of PAN card, we can purchase movable and immovable properties, use it as a valid proof for getting gas connection, land line connection or to purchase SIM card as well.
- Since the PAN card number is unique to each and every individual, even if the card is lost or if there is any change in Name or Address, the number remains the same. So the chance of misuse of the PAN card is rarely possible.
- If you are willing to start a business, you can use this PAN card as proof and start the business easily.
- When you are a Non-Residential Indian, with Indian PAN card, then it is easy for you to start your business or purchase a property in India, without filling tax returns.
- Even if you register for a PAN card for a minor or infant, you can use it as an identification proof. Although, their photo will not be available in the PAN card.
- When you are willing to buy any company’s share, then it is necessary to submit PAN card, as your identification proof.
- Nowadays, government has also asked us to link Aadhaar card with our PAN card, for easy identification of an individual.
Government is taking many steps for simplifying the process of getting PAN card for both minor and adult Indian citizens. Nowadays, we can register for PAN card online and receive it by submitting the required documents. Since this is a unique identification proof for filling our tax returns and to keep track of our financial records, each and every individual should have a PAN card of their own.