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.
This card may also be used to serve the same purpose as the national ID card. It normally has a photograph, the name and the address of the individual holding it. For this reason, it is very important as it can be helpful where you need to provide you ID and you do not have it at that moment. You can produce this card instead as it is a nationally accepted proof of identity.
It is usually used to calculate the tax rate of every individual, thus determining the tax levy a person is required to pay. For this reason, absence of this card can lead to one being taxed at a higher rate than expected. Therefore, it is important for you to hold a card to avoid such cases that leads to higher taxation that could affect your business.
Misuse of this card is minimal. This is because, even if your card is stolen or lost, names and address may change but the number of the card remains the same. Thus, this reduces cases of this card misuse.
The Pan card enhances your creditability before the eyes of financial institutions enabling you to qualify for different types of loans. It as well enables you open a demat account that normally allows you to sell or purchase property and many other assets. During purchases or sales involving immovable assets like land, it would be vital as you are needed to quote its number for security purposes.
The card is as well used to ensure that your transaction is transparent with less or no frauds. This avoids you from carrying out transactions that could cause loss of property or money. Thus, you should enhance the use of this card as it ensures safety of both your funds and assets especially when you are dealing transactions that involve a lot of money.
The pan card is also used to open bank accounts and to carry out transactions relating large amount of money. For instance, if you were depositing money that exceeds the quoted amount, you would need this card. The card is also vital whenever you are transferring funds to different accounts within either the same bank or different banks.
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.
This card may also be used to serve the same purpose as the national ID card. It normally has a photograph, the name and the address of the individual holding it. For this reason, it is very important as it can be helpful where you need to provide you ID and you do not have it at that moment. You can produce this card instead as it is a nationally accepted proof of identity.
It is usually used to calculate the tax rate of every individual, thus determining the tax levy a person is required to pay. For this reason, absence of this card can lead to one being taxed at a higher rate than expected. Therefore, it is important for you to hold a card to avoid such cases that leads to higher taxation that could affect your business.
Misuse of this card is minimal. This is because, even if your card is stolen or lost, names and address may change but the number of the card remains the same. Thus, this reduces cases of this card misuse.
The Pan card enhances your creditability before the eyes of financial institutions enabling you to qualify for different types of loans. It as well enables you open a demat account that normally allows you to sell or purchase property and many other assets. During purchases or sales involving immovable assets like land, it would be vital as you are needed to quote its number for security purposes.
The card is as well used to ensure that your transaction is transparent with less or no frauds. This avoids you from carrying out transactions that could cause loss of property or money. Thus, you should enhance the use of this card as it ensures safety of both your funds and assets especially when you are dealing transactions that involve a lot of money.
The pan card is also used to open bank accounts and to carry out transactions relating large amount of money. For instance, if you were depositing money that exceeds the quoted amount, you would need this card. The card is also vital whenever you are transferring funds to different accounts within either the same bank or different banks.
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