Know your PAN and its effectiveness

The most important purpose of allocating PAN to a unit is for the cause of authentication and to verify all the connected monetary information of that entity. Primarily, the significance of PAN was for IT returns filing. After a short time, PAN was used in dealings of the stock markets, banks and purchasing real estate and vehicles. These days, PAN has started getting its use in different areas as well.

If you open a fixed deposit account with your bank for more than Rs. 50,000, a copy of PAN needs being provided.

You may be inquired to submit a copy of your PAN if you pay out cash in hotels or restaurants for more than Rs. 25,000.

Cash payment more Rs. 25,000 for travelling to any country in a sole payment requires you to make copy of your PAN card.

Nowadays, landlords ask for a PAN copy of inhabitants, as the key ID proof, while giving out their possessions.

High-value buying of jewelery in cash should be come with a copy of the PAN card of buyer.

It is seen that making a copy of your PAN card is needed almost in each cash transaction, and not restricted to Income Tax dealings. Thus, it is effective to know your PAN. The significance of PAN cannot be found out as this has become the key document required in all important and legitimate dealings.

On the other hand, sometimes, at some places furnishing Aadhar card is also essential.

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