What are cons of PAN card?

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What are cons of PAN card?

Cons: No physical card is delivered. However, you can print & laminate the bottom part of the pdf file and use as a normal PAN card. The immediate update of the PAN details in department’s database will not happen, hence one can not file the income tax return soon after obtaining the PAN.

Is PAN card really necessary?

All existing assesses or taxpayers or persons who are required to furnish a return of income, even on behalf of others, must obtain PAN. ii. Any person carrying on any business or profession whose total sales, turnover or gross receipts are or is likely to exceed five lakh rupees in any previous year; iii.

Is PAN card valid for life?

The PAN is valid for lifetime.

Can a person with no income 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.

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What are benefits of PAN card?

Benefits of Having a PAN Card

  • IT Returns Filing. All individuals and entities who are eligible for Income tax are expected to file their IT returns.
  • Identity Proof.
  • Tax Deductions.
  • Claiming Income Tax Refund.
  • Starting a Business.
  • Opening a Bank Account.
  • Opening Demat Account.
  • Purchase & Sale of Immovable Assets.

Why 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. PAN Card also serves as a proof of identity.

Can PAN card be misused?

If someone is able to get your xerox copy of the PAN, then also it may be misused to obtain a loan or credit card or something else in your name. So be careful when you are signing a xerox copy of the form. Some people may not be eligible to get loans due to bad financial records or low CIBIL score or any other reason.

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At what age we can get PAN card?

18 years
Minors: The minimum age to apply for a PAN card is 18 years. However, parents or guardians of individuals below 18 can also apply for PAN on their behalf.

At what age PAN card is made?

What is the maximum age for PAN card?

Can 90 years old person apply for the PAN Card? Yes, definitely. There is no age limit to apply for a PAN Card.

What are the benefits of having a PAN card?

With the PAN Card facility, they can open an NRO and NRE bank accounts and avail a number of benefits from it. With these bank accounts, they secure all of their payment and easily apply for a loan from anyone bank in India. Register for passport and visa: While making a passport or visa, it is mandatory for all people to have a PAN Card.

How to reduce TDs through a PAN card number?

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As soon as someone’s bank account linked with a PAN Card Number, then the respective bank would reduce 10\% TDS in place of a more rate of 30\% through bank account person total annual earning on saving account will surpass to Rs.10000/-. Demand Tax Repay: It is important for every applicant to get back a tax repay document.

How to get an e-pan without a PAN card?

Still, people who are not having a PAN card can get an e-PAN instantly from the Income Tax Department. The Income Tax Department has provided the facility of e-PAN in order to make it easier for the taxpayers.

Is it advisable for a student to get a PAN card?

As PAN card can be possessed by both the adults and minors, PAN card for students can act as alternative identity proof of school identification card. Therefore, it is advisable for the students to get PAN card issued as it is very important from future point of view.