Benefits of PAN Card What are the benefits of PAN Card? | What are the uses of PAN card? The PAN should be disclosed in the documents referring to purchase or sale of property. The Income Tax Department look over all the balance transition in or out of your account to calculate your income tax. All returns, quarterly statements, challans and correspondence with the Income Tax authorities should include the PAN card number. In the event of sale or purchase of immovable property valued at five lakh or more, the PAN card number is to be included. The PAN card helps them as an identification number. The PAN card number should be disclosed in the case of sale or purchase of motor vehicles requiring registration. It will help producer to check for the legal money. A time deposit of more than ₹ 50, 000 with any banks and deposit of more than fifty thousand with post office savings also requires disclosure of PAN card details. The Income Tax department checks all the money movement so that illegal money could be caught by government. The PAN number is essential in a cash payment of fifty thousand or more for purchase of bank drafts; pay orders too require disclosure of PAN number. Practically all the payments which exceeds minimum allowed payments have to be included PAN number like application for installation of telephone including mobile phones, payments made to hotels and restaurants that exceed ₹ 25000, opening a bank account, an application drafted for issue of credit card, renewal of ATM Card, all these transactions do entail mandatory disclosure of PAN card details. Each and every information regarding money go under radar of the income tax department.
Posted on: Sun, 02 Feb 2014 15:36:43 +0000
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