Introduction of pan card

Advantages of Pan card :-

• Deduction in Tax : 
• PAN number is must be compulsory to be linked with the bank account. If you will not do it and if your yearly interest earning on saving account will exceed the limit of rs.10000, then the bank will deduct the 30% instead of 10% TDS.
• Business Start - Up : 
• As per the income tax act, 1961 the Indian government has made pan card a mandatory for companies since 2010. A GST registration number is provided to only individual or company whoever have pan card. Most of the e-commerce websites make it mandatory to have GST registration number for to sell their products on the online platform.
• Refund Claiming From IT Department : 
• You can get refunds by linking your pan card with the bank account. For claiming refunds, your income tax return is must be filed every year.
• Buying 4 Wheeler Vehicle : 
• Pan card is mandatory document, when you are buying a car. Even, when you will apply for loan to buy a 4 wheeler vehicle you are compulsorily needed a pan card as your identity.
• Account Opening : 
• PAN card is needed when you will open a bank/DEMAT account. Bank will not open an account unless you will have a pan card and same applied to the dematerialisation account or demat account (demat account contains all your shares in electronic format) to open this account you also need the same.
• Investments, RBI Bonds Or Insurance : 
• Pan card is very necessary document to make investments or to buy RBI bond or to buy an insurance. If you will not have your pan card you cannot do such activities mentioned above.
• Getting Foreign Currency : 
• under the foreign exchange management act, if you want a foreign exchange exceeds the limit of rs.50000 you are compulsorily needed a pan card.
• Cash Deposits, Bank Cheques, Pay Orders, And Bank Drafts : 
• if you want to open a fresh bank account then the pan card is mandatory. Showing your pan card is must be compulsory when you deposit more than 50000rs in your personal bank account and when you make cash deposits, pay orders, bank drafts, banker’s cheque exceeds the limit of rs.50000
• Buying Or Selling Of Immovable Property : 
• if you want to purchase or sale the immovable property of your worth more than 10lakhs your pan is mandatory. For example, your house or your shop etc.