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Permanent Account Number (PAN) is a code that acts as an identification for Indian nationals, 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.
PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and more. It card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity. In this way, the Income Tax Department has a detailed record of all major transactions for tax purposes.
Documents Required for PAN Card
Proof of Identity- Adhar card, Driving License, Voter ID card.
Proof of Adress- Adhar card, Bank Passsbook, Driving License, , Voter ID card.
Proof of Date of Birth- Birth Certificate, Driving License.