Uses of PAN card: Know the benefits and importance of having a PAN card
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Uses of PAN card: Know the benefits and importance of having a PAN card

  • Highlights

  • You can use your PAN to file taxes, get a telephone connection, and more

  • It is essential when you open a bank account or buy jewellery over Rs.5 lakh

  • Protect your PAN card with a Card Protection Plan available via Bajaj Finserv

PAN or Personal Identification Number is a unique 12-digit sequence that the Income Tax Department of India grants you. Not only does this allow you to file your taxes, it is a way for the government to track all your important financial transactions. Besides, having a PAN card is a pre-requisite when performing a host of other tasks that go beyond tax filing. Here are 7 you should familiarise yourself with.

Telephone connection:

If you want to take a new telephone or mobile phone connection, you have to submit your PAN card. Private telephone operators will not grant you a connection without this.

Property transactions:

When you buy or sell property whose value is in excess of Rs.5 lakh, you must submit your PAN details.

Currency exchange:

When you’re travelling abroad and need to exchange currency, you will have to submit your PAN details at the foreign exchange bureau or bank where you’re performing the transaction.

Additional Read: How To Link Your Aadhaar Card With Your PAN & Mobile Number?

Buying jewellery:

If you buy jewellery whose value is over Rs.5 lakh, you have to submit your PAN at the time of making the purchase.

Banking:

Even something as simple as opening a bank account or applying for a credit card requires you to submit your PAN details. Besides, to deposit money above Rs.50,000 into your savings account, you must provide your PAN. The same rule applies if you purchase bank drafts or pay orders above Rs.50,000 in one day.

Vehicle transactions:

Just like property, buying or selling a vehicle whose value is over Rs.5 lakh requires you to submit PAN details.

Additional Read: How To File Income Tax Returns Online With Form 16?

Making investments:

For any investments, be it fixed deposits, time deposits at post offices, shares, mutual funds or debentures, you are required to submit your PAN card for a transaction greater than Rs.50,000.

Since a PAN card is so important for financial, as well as other transactions, it is imperative that you protect it from harm or theft. Purchasing a Card Protection Plan, brought to you via Bajaj Finserv, is a smart way in which you can do this. It allows you to protect your debit and credit cards, along with your PAN card and enjoy coverage up to Rs.1 lakh against fraud. Make a claim easily by placing a single call to report and block all lost cards. You can benefit from 24-hour loss reporting worldwide, and avail free PAN card replacement too.


Start by applying for a PAN card if you don’t have one already, and be sure to insure it with a Card Protection Plan by purchasing your policy from Bajaj Finserv in minutes.

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