A Pan card is used for numerous applications and it is usually important especially to people who file income tax returns. It is used in the tax system as well as in investments to carry out various transactions. It can serve one purpose or more depending on the person using it. A PAN card allows you to enjoy a number of merits as it serves many purposes.
This card is normally helpful as it is used in tax system to help in tracking of all the financial dealings thus allowing the tax authorities to fix the rate at which an individual, business or a company should be taxed. This avoids cases of over taxation or under taxation to people operating businesses; thus allowing taxation in the right manner according to the business monthly income.
Pan card is recognized and accepted as a nationally proof of identity. This is because it usually has your names, photograph and the address that tax authority can use to trace you. It can as well serve for the purpose of ID thus, it is important for the security of your ID card as you do not have to carry your ID card since pan card can supplement it.
The PAN card determines the tax levy you are required to pay. This means that without the card you are likely to be taxed at the highest rate possible since the tax system tends to calculate your tax rate with the help of this card. People that usually pay tax deducted at source and lack a pan card have a greater likelihood of paying the tax twice as this type of tax cannot be counted with the absence of this card.
Even if your card is lost or stolen, you are still recognized with the taxation authority. This is because the number remains the same even though the names and address of your card may change. Thus, this ensures that there are no chances of misusing this card.
The card as well allows you to enter into different financial transactions and to as well open a demat account. This enables you to buy, sell or share property and assets effectively. When transacting for sales and purchases of immovable assets or motor vehicles in cash, the card is very important as it ensures transparency during transactions. With the card, you can obtain cell phone and landline connection that could be useful to you in a number of ways especially in business activities.
The card ensures that you carry a fraud free transaction without the fear of one losing his or her money or property. Use of this card assures you of a transparent transaction. Therefore, its use should be enhanced for security reasons especially for people who undertake transactions involving 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 normally helpful as it is used in tax system to help in tracking of all the financial dealings thus allowing the tax authorities to fix the rate at which an individual, business or a company should be taxed. This avoids cases of over taxation or under taxation to people operating businesses; thus allowing taxation in the right manner according to the business monthly income.
Pan card is recognized and accepted as a nationally proof of identity. This is because it usually has your names, photograph and the address that tax authority can use to trace you. It can as well serve for the purpose of ID thus, it is important for the security of your ID card as you do not have to carry your ID card since pan card can supplement it.
The PAN card determines the tax levy you are required to pay. This means that without the card you are likely to be taxed at the highest rate possible since the tax system tends to calculate your tax rate with the help of this card. People that usually pay tax deducted at source and lack a pan card have a greater likelihood of paying the tax twice as this type of tax cannot be counted with the absence of this card.
Even if your card is lost or stolen, you are still recognized with the taxation authority. This is because the number remains the same even though the names and address of your card may change. Thus, this ensures that there are no chances of misusing this card.
The card as well allows you to enter into different financial transactions and to as well open a demat account. This enables you to buy, sell or share property and assets effectively. When transacting for sales and purchases of immovable assets or motor vehicles in cash, the card is very important as it ensures transparency during transactions. With the card, you can obtain cell phone and landline connection that could be useful to you in a number of ways especially in business activities.
The card ensures that you carry a fraud free transaction without the fear of one losing his or her money or property. Use of this card assures you of a transparent transaction. Therefore, its use should be enhanced for security reasons especially for people who undertake transactions involving 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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