Is there any benefit in having a PAN CARD or Not?
· For any Individuals, Companies, Non-Residents Indians or anyone who is liable to pay tax in India requires to possess a PAN Card. All existing assesses or taxpayers or persons who are required to file a return of income, even on behalf of others, must have a PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN.
· One of the best benefits of PAN card is that it is accepted in formalities involved during buying or selling immovable assets. A PAN card is mandatory for a transaction valued Rs. 10 lakhs or more.
· In order to start a business or a company, it is mandatory to have a PAN card in the name of the organization.
· Many times, a taxpayer needs to pay more than the actual tax amount. To get the refund, the individual needs to link his/her PAN card to the bank account.
· A PAN card is very important for taxation. If an individual who is receiving Rs. 10,000 in the form of interest from either a savings account or an FD and has not linked his PAN card with the bank account, then the bank will debit 20% of TDS instead of 10%.
· If your hotel or restaurant bill exceeds Rs. 50,000 then for paying the bill you will need a PAN card.
· An individual should possess a PAN card to open a demat account, which is used to hold shares in the dematerialized form.
· A PAN card helps the Income Tax Department to assess an individual or entity’s monetary transactions. It helps in identifying persons involved in tax evasion. The PAN card has the name, photograph and other related information that even make it a valid identity proof.
· A PAN card is a tool that evaluates total tax revenue in India.
· A minor can also avail a PAN card by providing his/her guardian’s PAN details.
· A PAN card is essential while requesting for a pay order, bank cheques and drafts. If an individual is transacting more than Rs. 50,000 then he/she will need the PAN card to complete the transaction.
· For Registration under GST Act