The Permanent Account Number (PAN) is a unique ten-digit alphanumeric number which is printed on a PAN card, assigned to Indians, mostly to those who pay tax, It is issued by the Income Tax Department under the Income Tax Act, 1961
PAN Card is valid for lifetime because it is unaffected by any change in address.
For offline support, applicants can approach any of the authorised TIN-Facilitation (TIN-FCs) and PAN centres.
It serves as a proof of identity for all taxpayers – individuals and entities – in many situations, especially when performing any kind of financial transaction in the country.
The Permanent Account Number is a unique and permanent set of figures that remains unchanged throughout the lifespan of the PAN holder. It is mandatory to have a PAN card for executing various tasks such must for non-resident Indians (NRIs) living outside India and even foreign passport holders.
Also, minors can apply for a PAN card through a representative assesse.
A PAN card is necessary for various activities. Here are some of them:
- To file income tax returns
- It serves as a proof of identity
- To open a new bank account and depository account
- To apply for credit card and bank loans
- Registration of Business
- Financial Transactions
- For sale or purchase of a car or any other vehicle (apart from two wheeler)
- Payment of an amount Rs. 50000 and more towards investment purpose
- For jewellery purchase after the prescribed limit
- Mutual Fund – PAN is beneficial to complete e-KYC for mutual fund investments.