6 Reasons Why You Need to Apply for a PAN Card

In today’s day and age, having an identity of your own means more than what it used to be in the past. This is because of the economic evolution that the world has been going through for the past couple of decades. Keeping this in mind, it is important for every individual to take her/his personal identification details in place. In our country, a Permanent Account Number or PAN card has become a necessity for people who are earning an income or have solid assets in their name. Due to these reasons, it is suggested that every Indian citizen should have a PAN card made by the official authorities. Mentioned below are six reasons why you need to apply for it too: 

One of the most vital reasons for you to have a PAN card is for filing your income tax returns at the end of each financial year in India. As a responsible citizen, it is your obligation to prepare your IT filing in time so that you do not get questioned by the Income Tax Authority of India for any doubtful financial activities.

Although most people in our country have varied forms of identification such as bank accounts, driving licenses, passports, address proof, etc., having a PAN card would further help in keeping your identity in check. You will be required to present this particular form of identification along with the rest on various occasions. Thus, it is recommended to get your PAN card online or offline. 

It is a known fact that the financial institutions in India are very strict. It is because of certain laws and procedures that every person who wishes to open a bank account, be it in a government or private bank, all documents should be provided. Hence, applying for a PAN card before opening a bank account would be a smart move. 

The process of buying or selling a property in any part of the country can be a long and tedious process. This is because of the rising competition in the real estate market. Whether you are planning to purchase a residential property or a commercial outlet, the importance of a PAN card cannot be overlooked. You will not be able to crack a deal if this document is not provided to the real estate company that you are dealing with. 

As a financially sound person, your investments have to be done in the most secure manner. A PAN card acts as an identification for you in this regard because it determines your reliability in the market. If you are interested in stocks, then it is suggested that you keep your PAN card ready so that you can invest your money easily.

 

Gone are the days when taking a loan from the local merchant or moneylender was a domestic activity. In today’s times, it is a financial transaction that takes place in the right setting by following all the norms set by the authorities. It is due to this fact you are required to provide your PAN card details while applying for a loan of any nature. 

Taking these points into consideration, applying for a PAN card is something that you should take seriously.