The purchase and sale of immovable assets: one of the benefits of owning a PAN card is the eligibility of an individual or entity to enter into transactions concerning the sale or purchase of assets.Opening a Demat account: A PAN card is also a must in order for any individual or entity to open a Demat account so as to hold shares in a dematerialized form.Only under the Pradhan Mantri Jan Dhan Yojana can a person open a zero balance account by using voter card or any other proof of identity. Opening a bank account: Any public, private, or co-operative banks insist on an individual or company having a bank account in their name in order to open a savings or current account.A Tax Registration Number (TRN) is needed for a business, and that can be obtained only if it has a PAN. Opening a business: in order to start a business, a company or business is required to have a PAN registered in its name.The assessee is required to have a PAN linked to their bank account in order to claim a tax refund. IT refund: Oftentimes assessees end up with a higher TDS deduction than is warranted.

10,000/- would draw a TDS returns deduction of 30% rather than the otherwise prevalent 10%. Anyone who hasn’t linked their PAN number with their bank account and earns an annual interest on their savings deposit of more than Rs.

Tax deductions: as discussed earlier, one of the essential reasons to get a PAN card is for the purpose of taxation.

Proof of identity: The PAN card serves as a valid proof of identity.

A PAN card is obligatory for the filing of IT returns.

When filing IT returns: anyone who is eligible to pay income tax is expected to file their IT returns.

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