Here are the things for which you will require your PAN: -
- You require your PAN to avoid TDS if your annual interest exceeds Rs. 10,000 and you don’t have PAN, then the bank may deduct TDS at the rate of 30%.
- You will have to provide your Landlord’s PAN if you wish to avail your House Rent Allowance benefit.
- If you want to invest in Mutual Funds or other purposes, then you will require your PAN.
- If you carry out any business or profession and its receipts are more than Rs. 5Lakh, then you will require your PAN.
- In case of Income Tax Refund, you will have to provide your PAN to receive a refund.
- If you wish to buy or sell a car, it is mandatory to provide your PAN.
- It is mandatory to have PAN to open a bank account.
- Dematerialised account or demat account cannot be opened without PAN.
- If you want to invest more than Rs. 50,000 in your fixed deposits, then you will need your PAN.
- You will require your PAN if you want to buy any sort of foreign currency.
- In case you want to apply for a credit or debit card you must have a PAN, you also need your PAN if your hotel or restaurant bill is more than Rs. 50,000.
- If you wish to spend more than Rs. 50,000 in RBI bonds, then you will have to provide your PAN.
- In case you want to deposit Rs. 50,000 or you are required to make some payments either through bank drafts, pay orders or banker's cheque. If you purchase these instruments in cash for an amount exceeding Rs 50,000, you're required to quote your PAN.
- In case of prepaid investments, making premium payments, transactions of shares and securities, a transaction of immovable properties, a transaction of unlisted shares, sale of goods and services, investment in minor’s name etc, they all require your PAN.
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