What is the benefit of having a PANcard?

A PAN card helps the Income-tax Authority in keeping a track of all financial transactions that may be essential in assessing an individual or companies tax liability, it helps in reducing the chances of tax evasion.

1. What are disadvantages of PAN card?
2. Is it necessary to have a PAN card?
3. Can I get salary without PAN card?
4. Is PAN card valid for bank account?
5. At what age we can get PAN card?
6. Can I open savings account without PAN card?
7. Who should hold a PAN card?
8. What is PAN card fee?
9. Why is PAN Card necessary for bank account?
10. What is the Fullform of tan?
11. What is the full form of TDS?
12. Can 14 year old apply for PAN card?
13. Can I apply PAN card under 18?
14. Is Aadhaar card enough for opening bank account?

What are disadvantages of PAN card?

Cons: No physical card is delivered. However, you can print & laminate the bottom part of the pdf file and use as a normal PAN card. The immediate update of the PAN details in department's database will not happen, hence one can not file the income tax return soon after obtaining the PAN.

Is it necessary to have a PAN card?

Who has to obtain PAN? of PAN is mandatory. Every non-individual resident persons and persons associated with them shall apply for PAN if the financial transaction entered into by them during the financial year exceeds Rs. 2,50,000.

Can I get salary without PAN card?

For the financial year 2019-20, income upto ₹2.5 lakh is tax exempt. 2) If you fail to provide your PAN card details, your employer will deduct TDS at the rate of 20% or even higher. However, where the income of the employee computed for TDS under Section 192 is below taxable limit, no tax will be deducted.

Is PAN card valid for bank account?

Identification Proof – PAN card serves as a legitimate proof of identity across the country. ... Cash Deposit/Purchase in Banks – To prevent money laundering, PAN card is compulsory for anyone who wants to make a cash deposit or withdrawal of more than Rs. 50,000/- in a day from the bank.

At what age we can get PAN card?

Minors: The minimum age to apply for a PAN card is 18 years. However, parents or guardians of individuals below 18 can also apply for PAN on their behalf.

Can I open savings account without PAN card?

Yes. PAN is not mandatory for opening a bank account. You can open a bank account without PAN Card. You can use either Aadhaar Card or Form 60 for this purpose.

Who should hold a PAN card?

Who should apply for a PAN card ? All existing assessees or taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.

What is PAN card fee?

PAN - ONLINE APPLICATION

The charges for applying for PAN is Rs. 93 (Excluding Goods and Services tax​) for Indian communication address and Rs. 864 (Excluding Goods and Services tax) for foreign communication address. Payment of application fee can be made through credit/debit card, demand draft or net-banking.

Why is PAN Card necessary for bank account?

You can link all types of bank accounts to your PAN – be it savings, current, checking, cash, or overdraft accounts. The primary reason for linking your PAN card with a bank account is to get tax refunds credited directly to your bank account. Failure to link the two will make you ineligible to receive tax refunds.

What is the Fullform of tan?

About TAN. Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).

What is the full form of TDS?

Tax Deducted at Source (TDS)

Can 14 year old apply for PAN card?

Yes, individuals can apply for PAN Card for a minor child without any hassle. Minor is a person who is below the age of 18 years. However, the minor cannot apply for a pan card directly. Parents, guardians or representative assessee's of the minor can apply for PAN card.

Can I apply PAN card under 18?

PAN card of a child below 18 years of age

If you want to apply for a PAN card for a child under the age of 18, the process is simple. Let us remind you that no minor can apply for a PAN card on their own. The child's parents can apply on their behalf for this.

Is Aadhaar card enough for opening bank account?

For opening a bank account you need certain documents. Without them, you cannot open a bank savings account. Documents that you need to open a savings account in a bank are - your valid photo identification proof like Aadhaar card or PAN card, passport, driving license etc.