PAN Card

A PAN card is a laminated card that contains a 10-digit unique alphanumeric number known as the PAN number. It is issued by the Income Tax Department under the supervision of the Central Board of Direct Taxes. The PAN card is a mandatory document for transactions that exceed the limits set by the Indian government. Additionally, it serves as a form of identity proof in India. The PAN card has various important uses, including helping the Income Tax Department track and prevent tax evasion, assisting individuals in filing their income tax returns, and facilitating investments. The PAN card's full form is Permanent Account Number Card. You can check PAN card status from the NSDL PAN card website. There is also a PAN card online, which is called as e-PAN card, and it is very useful when you forget to carry it physically. You can apply for a PAN card via two ways: one by Form 49A and another by Form 49AA. 

Benefits of Having a PAN Card

There are many benefits provided by a PAN card that make it an important document for people in India. Here are some of the benefits:

• In India, all entities and individuals should use their PAN cards while filing the income tax returns because it is an important document, and without it, you may face a flat 30% tax rate. 
• PAN card is a vital document that is needed in making some specific financial transactions, such as the sale and purchase of Non-movable properties that cost more than 5 lakhs. 
• While registering the businesses, entities like partnership firms or companies need their PAN card to start the registration process. 
• PAN cards are also useful when you are applying for a utility connection in India, like internet, electricity, LPG, etc. 
• PAN cards are also helpful in making investments in the Indian Markets, such as real estate, shares, mutual funds, etc.