Permanent Account Number (PAN) is a code that acts as identification of Indians, especially those who pay Income Tax. It is a unique, 10-character alpha-numeric identifier, issued to all judicial entities identifiable under the Indian Income Tax Act 1961. An example number would be in the form of AAAPL1234C. It is issued by the Indian Income Tax Department. PAN Card is required by individuals, companies, HUF, partnership firm etc.
The primary objective is to use a universal identification key to track transactions.
PAN is required for TAX Identity, and having a PAN Card is a must for individuals above 18 years of age.
PAN is also required to file income tax returns and other important government documentation.
As it is mandatory to quote PAN on return of income, all correspondence with any income tax authority. It is also mandatory to quote PAN on challans for any payments due to Income Tax department. It is also compulsory to quote PAN in all documents pertaining to the following financial transactions.
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