A permanent account number (PAN) card is very important more so to people who file income tax returns or who engage themselves in large financial transactions. This card is used for a number of purposes; in the tax system and for investment purposes. Having this PAN card allows you to enjoy a number of benefits as it enhances your creditability in the eyes of financial institutions making it easy for you to qualify for numerous types of loans.
This card is important in the taxation department as it usually helps relevant tax authorities track all the transactions tax payers have carried within a financial period. This enables them to retrieve records that enable them calculate and allocate tax rates of various businesses. This prevents a situation of under taxation or over taxation that could probably result to losses that would affect your business in return.
Pan card is recognized and accepted as a nationally proof of identity. This is because it usually has your names, photograph and the address that tax authority can use to trace you. It can as well serve for the purpose of ID thus, it is important for the security of your ID card as you do not have to carry your ID card since pan card can supplement it.
The PAN card determines the tax levy you are required to pay. This means that without the card you are likely to be taxed at the highest rate possible since the tax system tends to calculate your tax rate with the help of this card. People that usually pay tax deducted at source and lack a pan card have a greater likelihood of paying the tax twice as this type of tax cannot be counted with the absence of this card.
Even if your card is lost or stolen, you are still recognized with the taxation authority. This is because the number remains the same even though the names and address of your card may change. Thus, this ensures that there are no chances of misusing this card.
The card as well allows you to enter into different financial transactions and to as well open a demat account. This enables you to buy, sell or share property and assets effectively. When transacting for sales and purchases of immovable assets or motor vehicles in cash, the card is very important as it ensures transparency during transactions. With the card, you can obtain cell phone and landline connection that could be useful to you in a number of ways especially in business activities.
This card ensures that there are no fraudulent transactions you are likely to engage yourself in. This is because the way in which you transact with this card is usually transparent thus avoiding cases of one losing his or her assets or money. Thus, having this card is essential especially to people who engage in transaction with a lot of money.
This card as well enables you to operate bank accounts that are vital and beneficial to your business. Whenever a person is depositing a large amount of money to the account, he or she is needed to provide this card to ensure that the transaction is done in the right manner. The card is also needed when you are carrying out transfer of money from one account to another bank account to enhance security of money in the bank.
This card is important in the taxation department as it usually helps relevant tax authorities track all the transactions tax payers have carried within a financial period. This enables them to retrieve records that enable them calculate and allocate tax rates of various businesses. This prevents a situation of under taxation or over taxation that could probably result to losses that would affect your business in return.
Pan card is recognized and accepted as a nationally proof of identity. This is because it usually has your names, photograph and the address that tax authority can use to trace you. It can as well serve for the purpose of ID thus, it is important for the security of your ID card as you do not have to carry your ID card since pan card can supplement it.
The PAN card determines the tax levy you are required to pay. This means that without the card you are likely to be taxed at the highest rate possible since the tax system tends to calculate your tax rate with the help of this card. People that usually pay tax deducted at source and lack a pan card have a greater likelihood of paying the tax twice as this type of tax cannot be counted with the absence of this card.
Even if your card is lost or stolen, you are still recognized with the taxation authority. This is because the number remains the same even though the names and address of your card may change. Thus, this ensures that there are no chances of misusing this card.
The card as well allows you to enter into different financial transactions and to as well open a demat account. This enables you to buy, sell or share property and assets effectively. When transacting for sales and purchases of immovable assets or motor vehicles in cash, the card is very important as it ensures transparency during transactions. With the card, you can obtain cell phone and landline connection that could be useful to you in a number of ways especially in business activities.
This card ensures that there are no fraudulent transactions you are likely to engage yourself in. This is because the way in which you transact with this card is usually transparent thus avoiding cases of one losing his or her assets or money. Thus, having this card is essential especially to people who engage in transaction with a lot of money.
This card as well enables you to operate bank accounts that are vital and beneficial to your business. Whenever a person is depositing a large amount of money to the account, he or she is needed to provide this card to ensure that the transaction is done in the right manner. The card is also needed when you are carrying out transfer of money from one account to another bank account to enhance security of money in the bank.
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