When we need to buy a SIM card, open a bank account, or provide identity proof, we often rely on our Aadhaar card, which is undoubtedly the most important document today. However, the PAN card is also a vital document that should not be overlooked. If you don’t have a PAN card yet or feel it’s unnecessary, it’s time to think again. A PAN card is essential for various important tasks. Below are some of the key benefits of having a PAN card .
Read More: PM-KISAN 18th Installment To Be Released on October 5: How To Apply? Check Beneficiary Status
Where a PAN Card is Required:
1. Buying or Selling Property
If you are selling a property valued at more than ₹5 lakhs, a PAN card is mandatory. Similarly, when purchasing a property, you will need a PAN card. It is, therefore, crucial to have one for any real estate transactions.
2. Applying for a Loan
If you are planning to take a loan or may need one in the future, having a PAN card is a must. Your PAN helps check your CIBIL score, which determines your loan eligibility. Additionally, the PAN card provides information about the loans you currently have.
Read More: Hospitalisation claims up over 11% in FY24, heart and kidney procedures top the list: report
3. Opening a Bank Account
A PAN card is required when opening a bank account or completing KYC (Know Your Customer) verification. Moreover, if you deposit more than ₹50,000 in your account, you will need a PAN card for verification purposes.
Read More: When Does Your Bank Account Become Inoperative & Steps to Reactivate It
4. Filing Taxes
One of the most significant advantages of having a PAN card is that it simplifies the process of filing taxes. With a PAN card, you can easily file your tax returns and complete the process quickly.
The PAN card is essential for various financial and legal transactions, making it a must-have document. Make sure you have your PAN card ready for these key purposes.
