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Importance of PAN Card Details

 Here are a few key reasons why it is important to have a PAN card:

  • Valid proof of identity: PAN card serves as a valid identity proof and photo for a variety of purposes ranging from getting a gas connection to opening a bank account.
  • For employment: Most employers need your PAN card details for salary accounting and taxation purposes. It is also mandatory at the time of filing ITR.
  • Banking: PAN card is mandatory for opening a bank account as well as other for other banking related financial transactions. It has been made mandatory to prevent fraud and money laundering. Cash deposits exceeding Rs. 50,000 in a single day also require PAN card details to be submitted. Fixed deposits exceeding Rs. 50,000 also require PAN card details to be submitted.
  • Post office deposits: PAN details are also required to opening Post office deposits of amounts exceeding Rs. 50,000.
  • Payment wallets: Digital payment wallets also require PAN card details in case transactions exceed Rs. 20,000 per month.
  • Debit/credit card applications: Credit/debit card applications also require PAN details to be furnished. Applications rejected for not furnishing PAN card details or any other details may negatively impact your credit score.
  • Loan applications: All kinds of loan applications require PAN card details to be furnished.
  • Buying/selling property: PAN card details of both the buyer and seller are required by law for any kind of property transaction, sale or purchase, if the value of the immovable property is more than Rs. 5 lakh. In case of joint ownership, PAN card details of all the owners are needed.
  • Purchasing jewelry: PAN details have to be provided for purchasing any jewelry or bullion exceeding Rs. 5 lakh.
  • Vehicle purchase: PAN card details are also needed for sale or purchase of all vehicles except for two wheelers.
  • Share trading: PAN card details also have to be provided to the broker, the demat and trading account provider for trading shares.
  • Mutual funds: Investments in bonds, debentures or mutual funds also require PAN card details to be completed.
  • Insurance premiums: PAN card details also have to be furnished in case your insurance premiums exceed Rs. 50,000 in a financial year.
  • Exchange of foreign currency: PAN card details are also required when you exchange local currency for foreign