Uses and Importance of PAN Card

Whether you’re looking at buying a car or property, investing in the stock market or converting your Indian rupees to foreign currency, there is one thing that you will need for each of these activities. What could possibly link these, you might ask. The answer is the PAN card. The Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents nowadays.

The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity. In this way, the Income Tax Department has a detailed record of all major transactions for tax purposes.

Indian citizens who are residents of the country as well as NRI (Non Resident Indians), OCI (Overseas Citizen of India) cardholders, PIO’s (Person of Indian Origin) as well as foreigners who come under the purview of the Income Tax Act of 1961 are eligible to apply for a PAN card. Firms and companies, governments and minors too can apply for a PAN card.

However, the PAN card also has many other uses besides just being a way for the Income Tax department to keep tabs on your financial dealings.

The Uses of PAN Card are given below:

IT Returns Filing: All individuals and entities who are eligible for Income tax are expected to file their IT returns. A PAN card is necessary for filing of IT returns, and is the primary reason individuals as well as other entities apply for one.

Opening a bank account: A PAN card is required in order to open a new bank account, whether it is a savings or a current account. All banks, whether public, private or co-operative, require the submission of a PAN card in order to open an account with them.

Buying or selling a motor vehicle: If you wish to buy or sell a motor vehicle worth more than Rs. 5, 00, 000, you have to provide your PAN Card details when conducting the transaction.

Applying for a credit or debit card: When applying for either a debit card or a credit card at any bank or financial institution, furnishing your PAN card details is mandated by regulations. The bank will not issue the card if this criteria is not met.

Purchase of jewellery: If you are looking at buying any sort of jewellery that is valued at over Rs. 5, 00, 000, you will have to provide your PAN card details at the time of purchase.

Making investments: Investing in securities is seen as a good way to build your wealth. If you are considering investing in securities, you would have to furnish your PAN details for any transactions amounting to above Rs. 50, 000. This extends to equities, mutual funds, bonds as well as debentures.

Proof of Identity: a PAN card is accepted as valid proof of identity anywhere in the country, and is also considered as proof of age. It can also be used as proof of identity when making an application for a passport, voter ID card, driving licence, electricity connection etc.

Foreign Exchange: If you are travelling abroad and wish to convert your Indian currency into foreign currency, you are required to provide details of your PAN at the money exchange bureau/bank/institution where you are converting the money.

Property: Buying, selling or renting property in India now requires PAN card proof. In the case of buying of property, the PAN details of the buyer as well as the seller have to be listed on the sales deed and any other such documentation for the sale to be complete.

Loans: If you require to take out a loan, all loan providers, both banks as well as other lending institutions, require you to submit details of your PAN at the time of loan application. All loans, from education loans to personal loans require PAN details for the loan to be approved.

Fixed Deposits: If you plan on investing your money in a Fixed Deposit (FD) amounting to above Rs. 50, 000 in a bank, you will have to provide your PAN details. This is done as the bank will deduct TDS (Tax Deductible at Source) on the FD interest amount.

Cash Deposits: If you are making a cash deposit that amounts to over Rs. 50, 000 at a time, you will have to submit your PAN details as well. This is in keeping with the RBI mandate, which directs banks to report any large cash deposits to the RBI, as a way to prevent money laundering.

Telephone Connections: If you wish to get a new telephone or mobile phone connection, it is mandatory to submit your PAN details, as private cellular operators will not provide you a connection without it.

Insurance Payments: As per the Income Tax Department directives, PAN card details have to be furnished when making an insurance payment exceeding Rs. 50, 000 a year.

From the above, we see that a PAN card is required for a large number of activities, both financial as well as non-financial.

Source 

Phrases and Idioms

washed-up
adjective
adjective: washed-up
1. 1.
deposited by the tide on a shore.
"washed-up jellyfish"
2. 2.
informal
no longer effective or successful.
"a washed-up actress"
shtick
ʃtɪk
noun
informal
noun: shtick; plural noun: shticks; noun: schtick; plural noun: schticks
1. a gimmick, comic routine, style of performance, etc. associated with a particular
person.
"there are many great comics who have based their stand-up shtick on observational
comedy"
o a person's special talent, interest, or area of activity.
"movies about ordinary women who do extraordinary things—that's my shtick"
curdled and congealed
congeal
kənˈdʒiːl/
verb
verb: congeal; 3rd person present: congeals; past tense: congealed; past participle:
congealed; gerund or present participle: congealing

1. become semi-solid, especially on cooling.
"the blood had congealed into blobs"
synonyms:
coagulate, clot, cake, set, solidify, harden, thicken, stiffen, dry, gel,
concentrate; More
archaicfix;
rareinspissate
"the blood had congealed around the cut"
antonyms: soften, liquefy
o take shape or coalesce, especially to form a satisfying whole.
"the ballet failed to congeal as a single oeuvre"
Origin
late Middle English: from Old French congeler, from Latin congelare, from con- ‘together’ +
gelare ‘freeze’ (from gelu ‘frost’).
Translate congeal to
Use over time for: congeal

Indian Muslims

KooIndian Muslims- Amidst talks about terrorism and intolerance in the country, Islam is one religion
that is always talked about. However, before you jump to any conclusions, here are a few facts
about Indian Muslims that you ought to know
Second largest religion- Islam is the second-largest religion in India, making up 14.2% of the
country's population with about 172 million adherents.
A major chunk- This number is in fact greater than the whole Middle East Muslim population taken
together
Most of them in Kashmir- As of this year, Muslims comprise the majority of the population in Jammu
and Kashmir and Lakshadweep island. In 110 minority-concentrated districts, at least a fifth of the
population are Muslims.
Highest fertility rate- Muslims in India have a much higher total fertility rate (TFR) compared to that
of other religious communities in the country. Because of higher birthrates, the percentage of
Muslims in India had risen from about 10% in 1951 to 14.4% by 2013.
Eminent leaders- Out of the 12 Presidents of the Republic of India, three were Muslims – Zakir
Hussain, Fakhruddin Ali Ahmed and A.P.J. Abdul Kalam.
Representing the country- Though Muslims are under-represented in the Indian Armed Forces, as
compared to Hindus and Sikhs, several Indian military Muslim personnel have earned gallantry
awards and high ranks for exceptional service to the nation. Air Chief Marshal Idris Hasan Latif was
Deputy Chief of the Air staff during the Indo-Pakistani War of 1971 and later served as Chief of the
Air staff of the Indian Air Force from 1973 to 1976.
Religious respresentation- Ahle Sunnat Sufi leader Hazrat Syed Muhammad Ameen Mian Qaudri and
Aboobacker Ahmad Musliyar have been included in the list of most influential Muslims list
byGeorgetown University. Mahmood Madani, leader of Jamiat Ulema-e-Hind and MP was ranked at
36 for initiating a movement against terrorism in South Asia. Syed Ameen Mian has been ranked
44th in the list.
Outside the country- India has the largest concentration of the Muslims outside the member
countries of the Organization of the Islamic Conference (OIC) and the second largest (after
Indonesia) in the world.
Within the country- In terms of states, Assam’s population has 34% muslims, Lakshadweep has 96%,
WB 27%, and Kerala at 26%
Highest number of mosques- India has over 300,000 mosques. This is, by an estimate, twice that of sam’s population has 34% muslims, Lakshadweep has 96%,
WB 27%, and Kerala at 26%
Highest number of mosques- India has over 300,000 mosques. This is, by an estimate, twice that of
in Pakistan. UAE has 1418 and Bangladesh hosts close to 6,000.