No card is very useful for people. PAN cards in India are used for financial transactions. People need a PAN card for large transactions. The PAN card is a unique alphanumeric number of a 10 digit issued by the Income Tax Department. At the same time, people should also keep some special things related to PAN card. Let’s know about them …
Even more income people have to file income tax returns every year. People with an annual income of more than Rs 2.5 lakh have to file ITR. While PAN card is required to file income tax returns. Income tax returns cannot be filed without PAN card.
Along with this, it is also very important to have a PAN card in many places. People need a PAN card to open a bank account. Demat account is required to invest in the stock market. In such a situation, PAN card is also required to open a demat account. PAN card is also necessary for transactions above 50 thousand. Apart from this, PAN card is also required to make credit cards and debit cards.
It also has to be kept in mind that people cannot make more than one PAN card. Only one PAN number is given and used throughout a person’s entire life. In such a situation, people can make only one PAN card and use it only for their financial transactions.