Permanent account number (PAN)

Sunday, October 10, 2010

Permanent Account Number (PAN) is unique alphanumeric combination issued to all juristic entities identifiable under the Indian Income Tax Act 1961. PAN is issued by the Indian Income Tax Department under the auspices of the Central Board for Direct Taxes (CBDT) and is almost equivalent to a national identification number. One can not open demat account with out PAN card.

Uses of PAN

It is used as an important Identity proof.
PAN is Mandatory for financial transactions such as opening bank account, to file income tax returns and to purchase assets above specified limits.

The primary aim of PAN is to bring a universal identification key factor for all financial transactions.It indirectly prevent tax evasion by keeping a track of monetary transactions of high net worth individuals.

Features


PAN is unique and permanent.Address change inside the country will not affect PAN.