How to apply for a Pan Card

As an Indian resident, the one piece of paper that you should have is a Pan Card.  The Pan Cardis a piece of paper that is associated with all types of financial transactions. However, till date there is a large number of Indians who do not have a Pan Card. The classification of people who do not own the Pan Card is divided among students who are just about to embark on their first job and people who still use small banks and other non-traditional methods of banking. The reason for these individuals not using a Pan Card is extremely sound. It is only mainstream financial institutions and companies that insist on a Pan Card as a mandatory requirement.

While this is a very valid reason to not apply for this option, the benefits of having one are much greater.

Greater access to better savings- Today’s mainstream banking sector is making efforts to reach out to the entire population. This sector has a constant need to increase the number of bank accounts, deposits and investments. Most banks are witnessing a phenomenon where customers are consolidating their financials and hence closing down accounts. Hence they need to focus those people who still use the non –traditional methods.  These individuals can easily setup their bank accounts with the help of the Pan Card. The best part is that they can park their funds in a more secure environment and earn interest on the same.

Easier to sell and purchase assets- It is estimated that cash transactions still make up a significant amount when it comes to selling and buying of assets. Yet , the option of underhand deals is extremely huge.  On the other hand, if they have a Pan Card, the number of options available is much wider. The reason is that people trust someone who has this card. They know that the person wants to do everything in the proper legal way. 

Do not fear the Income Tax department- This is one of the main reasons why people do not opt for a Pan Card. Yet, this departments processes deductions and rebates. It has been seen that people who use the non-traditional methods of banking often fall below the taxation limits. Hence the chances of them paying tax are very less. 

As you can see, there is no harm connected with owning a Pan Card. In fact, by not having a PanCard, you end up losing a lot more. People may have apprehensions and may wonder why should they apply for the same. They may state that the Pan Card application process is very tedious and lengthy. However, nothing can be further from the truth. The application process for the Pan Card is very simple and  takes a few minutes. There are many agents who can make the Pan Card from you. You need not visit any office or wait in line to make the same. So go ahead and make your Pan Card today.