Saturday, March 2nd, 2024

You can do these 9 money transactions even without having a PAN card, you will be shocked to see the list

Photo: File PAN Card

PAN Card Use: If you have not linked your PAN with Aadhaar by June 30, then your PAN card would have been deactivated by now. Some of the consequences of having an inoperative PAN are that you cannot invest in bank FDs and mutual fund schemes, and cannot file income tax returns or claim tax refunds, but there are other benefits that you can avail. Can pick up with the help of inactive PAN card. In today’s story, we will talk about those 9 benefits which are useful for you.

You get these 9 benefits

  1. Earning interest income from bank FD, total interest on RD in a financial year exceeds Rs 40,000 (Rs 50,000 for senior citizens) (High TDS)
  2. Received dividend of more than Rs 5,000 from companies and mutual funds in a financial year (High TDS).
  3. Selling immovable property (high TDS) if the sale price or stamp duty value exceeds Rs 50 lakh per transaction.
  4. Buying a car (higher TCS) if the amount exceeds Rs 10 lakh.
  5. Withdrawal of money from EPF account if it is more than Rs 50,000 and TDS is applicable (High TDS).
  6. Paying rent to the landlord if the monthly rent exceeds Rs 50,000 per month (higher TDS).
  7. Selling goods and services (high TDS) if the amount exceeds Rs 50 lakh per transaction.
  8. Paying for contract work (such as hiring an interior designer) if it exceeds Rs 30,000 for a single contract or Rs 1 lakh (higher TDS).
  9. Receive commission or brokerage payment in excess of Rs 15,000 (high TDS).

According to the Income Tax Department, to reactivate the in-operative PAN card after June 30, you will have to pay a fee of Rs 1000, after which you will be able to use your PAN card again after about a month. But the matter is not that simple.

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