Obtaining a Permanent Account Number is a necessity for most of the financial transactions done in India. Like filing of Income-tax return, obtaining a loan from bank, high value transactions, asset purchase, etc. There are certain benefits that come with this. Like:
- It acts as an Identity proof in India.
- If you wish to file tax return in India it helps you complete the process.
- You cannot claim a refund to the taxes paid/deducted unless you have a PAN.
- If you wish to carry any financial or investment related transaction, this helps you complete it.
- It helps to start a business.
- If you wish to buy/sell property, open trading account or investment account it is helps.
- If you wish to remit money outside India it is helpful.
- It helps in transferring funds from NRE to NRO bank accounts.
- It helps to get loans or mortgages anything.
- It helps to transfer fund to a third party.
And many more places where a PAN helps you. This has become a mandatory part in almost all the financial transactions in the country.
If you don't have one, please get it immediately. Here is a step wise process to read out. click here.