Business

Even if you are not a taxpayer, get a PAN card made, you will get these 8 big benefits

Photo:FILE Pan Card

Taxpayer It is not necessary to make a PAN card only if it is. Even if you are not a taxpayer i.e. your income does not come under the tax net, you can still get a PAN card. Experts say that there are many benefits of getting a PAN card. So let’s know what are the benefits of getting a PAN even if you are not a taxpayer.

1. Required to get TDS deduction

PAN number is required to get TDS deduction from your income. According to the rules of income tax, a taxpayer has to pay tax on his income, which is called TDS. If you make income from freelance work, rent, interest, commission, salary or contractor, then you have to pay TDS. If your earnings are not taxable, then you can get this deduction again by filing returns. However, it is necessary to have a PAN to file the return.

2. Mandatory for opening a new bank account

If you want to open a new bank account in any bank, then PAN card is required. Without this you will not be able to open a new account.

3. Government Schemes

If you want to take advantage of any government scheme, then PAN will be required there too. PAN has been made mandatory in most of the government departments.

4. Free-lance work

Free-lance work has increased rapidly after Corona. If you do translation or content work sitting at home, then the company from which you will take this work will definitely ask for PAN. Apart from this, PAN is also required in other contract work. The company does not pay the bill without PAN.

5. Insurance Plan

If you want to take a term plan of 1 crore or more then PAN will be required. Along with this, if you pay the installment of life insurance and it is more than 50 thousand, then you will still need a PAN.

6. Investing in Mutual Funds and the Stock Market

If you want to start investing in mutual funds or stock market then you cannot do it without PAN. Fund houses and stock brokers first ask you for your PAN number.

7. In Cash Deposit

If you need to deposit more than 50 thousand cash in a bank account, then PAN card is required. At the same time, if the bill in the hotel comes above Rs 25,000, then PAN card is required.

8. Starting a New Business

If you are going to start a new business then you must have a PAN card. Without this you will not be able to complete the necessary paperwork.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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