PAN card number verification is
an essential step in every sphere whether purchasing a car or property,
engaging in the stock market or changing your Indian rupees to foreign
currency, there is a single important task that you will require for each of these
activities. That is the PAN card. The Permanent Account Number (PAN) card,
generated by the Income tax Department, is one of the most essential documents
in present era.
Importance of Pan Card number
verification
The card was generated in order
to save tax evasion by individuals and entities as it connects all financial
transactions developed by a specific individual or entity. In this method, the
Income Tax Department has a comprehensive record of all primary transactions
for tax service.
1. Opening a bank account - A PAN
card is needed in order to open a new bank account, for both the a savings or a
current account. All banks, whether it is public, private or co-operative, need
the submission of a PAN card in case to open an account with them.
2. Purchasing a motor vehicle- If
you wish to purchase a motor vehicle of higher range you have to deliver your
PAN Card details when handling the transaction.
3. Property –purchasing or
renting property in India now needs a PAN card proof. In that instance of purchasing
of property, the PAN details of the buyer are the seller has to be listed on
the sales deed and any documentation for the sale to be finished.
4. IT Returns Filing- All
individuals and entities that fall in the slab for Income tax are wished to
file their IT returns. In the field IT
return filing the PAN Card is an essential document, is the basic reason
individuals, as well as other entities, choose one.
5. Identity Proof- PAN Cardacts
as a solid identity proof. Voter card, Aadhaar card is a valid document but PAN
card is also validate as by all financial institutions and other institution as
an identity proof.
6. When a Bank Account is opened-
PAN card is a compulsory document for all public, private and co-operative
banks also for an individual or a company to have a bank account in its name in
order to start a savings or current account.
The PAN number is rare to every
person that holds a PAN card. The name and address may vary or the card may get
lost but the PAN number will still remain same. So, the verification of PAN
number is compulsory.
A PAN card number verification guides
the Income-tax Authority in recording a track of all financial transactions
that may be important in assessing an individual or companies tax liability, it
guides in reducing the time of tax evasion. The pan card has the record of
person’s name, date of birth and photograph and is also validated as an
identity proof for its holder.
After revising the
above-mentioned uses of PAN card
number verification, it is clear to a person why having a PAN card is so
essential for him in his regular transactions. iCrederity will guide you with
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