Helpline Number : +91-7517714652

What is my PAN card used for?

The short answer is that you’ll be asked to show your PAN card for most financial transactions involving larger sums of money. It’s also important to realise that simply quoting your PAN won’t be enough; you’ll have to show your card to confirm your identity too. You’ll have to quote your PAN number in any correspondence you have with the tax authorities in India, so when you have a salary paid, make investments or want to buy or sell property. In addition, legislation states that there are lots of other standard financial transactions which require PAN confirmation too. These include:

  1. Taking out a new credit card or any other loan
  2. Opening a bank account
  3. Signing a mobile phone contract agreement
  4. Buying and selling residential or domestic property
  5. Buying travel tickets worth over 50,000 rupees ($780 US or £585)

Given the range of situations in which you will be asked for PAN information, it’s impossible in practical terms to live, work and pay a mortgage in India without one.