Question: What Is Pan Card Required For?

Where is PAN card used?

PAN Card is important for taxpayers as it is necessary for all financial transactions and is used to track the inflow and outflow of your money.

It is important when paying income tax, receiving tax refunds, and receiving communication from the Income Tax Department..

Is PAN card required for RTGS?

To keep a track on tax evasion and black money, the taxman has made it mandatory to quote PAN card number for carrying out several financial transactions. In case you do not hold PAN card, you will have to sign Form 60 declaration.

Is PAN card necessary for students?

The government of India has made it mandatory for all the individuals to possess a PAN card that includes a PAN card for students as well. This can act as an identity proof and can also be used for taking education loan for the students to further study domestic or abroad.

What is PAN card and uses?

1. A PAN card helps the Income-tax Authority in keeping a track of all financial transactions that may be essential in assessing an individual or companies tax liability, it helps in reducing the chances of tax evasion. … The PAN number is unique to every entity who holds a PAN card.

What is Pan card fee?

Rs. 93The charges for applying for PAN is Rs. 93 (Excluding Goods and Services tax​) for Indian communication address and Rs. 864 (Excluding Goods and Services tax) for foreign communication address. Payment of application fee can be made through credit/debit card, demand draft or net-banking.

What is Pan card meaning?

permanent account numberA permanent account number (PAN) is a ten-character alphanumeric identifier, issued in the form of a laminated “PAN card”, by the Indian Income Tax Department, to any “person” who applies for it or to whom the department allots the number without an application. … A PAN is necessary for filing income tax returns.

Is PAN card required for cash withdrawal?

For cash transactions over Rs 50,000, people can use their Aadhaar instead of PAN. … In order to curb black money in the economy, the government has made it mandatory for people to use their PAN in cash transactions of more than Rs 50,000 in the case of hotel or foreign travel.

How can I get free PAN card?

How to get free, instant PAN card using AadhaarOpen the e-filing website of the Income Tax Department.Click on the tab ‘Get New PAN’.Enter your 12-digit Aadhaar number.Submit the OTP generated on the Aadhaar registered mobile number.A 15-digit acknowledgment number will be generated.Enter the other details asked for in the user info.More items…•

Is it compulsory to have PAN card?

Having a PAN card is mandatory in these cases: If you are liable to pay income tax during any financial year or want to file income tax returns (ITR). 2. If you are carrying on any business or profession whose total sale, turnover, or gross receipts are or are likely to exceed Rs 5 lakh in any year. 3.

What is the age for applying pan card?

18 years oldStudents can apply for a PAN card as long as they are above 18 years of age. In case you are a minor (younger than 18 years old), your parents can apply for the PAN card on your behalf. There is no maximum age limit for application of PAN card. You can be of any age and still apply for a PAN card.

Can a 17 year old apply for PAN card?

A minor cannot apply for PAN card herself directly. Parents, guardians or a representative assessee has to apply on her behalf. … The PAN card will be issued within 15-20 days from the date of application. Once a minor turns 18 years, you can update the PAN with the child’s photograph and signature.

Is Minor PAN card valid?

A PAN card issued in the name of a minor does not contain the minor’s photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records.

Who needs a PAN card?

All Indian citizens having the source of income and valid proofs (as prescribed by the Income Tax Department) are eligible to apply for PAN card. Obtaining a PAN card or Permanent Account Number is mandatory for every tax payer or the person who needs to file an income tax return on behalf of self or others.

Is PAN card required for cash deposit?

Quoting of PAN is also required for setting up a time deposit – or fixed deposit – exceeding ₹ 50,000 with a financial institution. Also, a cash deposit exceeding ₹ 50,000 in a post office savings account requires PAN, according to the taxman.

Is PAN card required for senior citizens?

It is not required to submit PAN card if yearly pension is below taxable level. Income up to 5,00,000/- lac is tax free for senior citizens above 80 years. But if the interest earned on time deposit, during a financial year, is 10,000/- or morePAN is mandatory. Otherwise TDS will be deducted at the higher rate of 20%.