Permanent Account number

To prevent Tax evasion from all sorts of transactions of a individual PAN, or permanent account number is made necessary.It is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes.

PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits.To involve in Mutual funds,it is necessary. It also serves as an identity proof.

This card helps in tracking and identifying the financial records of individuals, mostly when transactions go beyond Rs.50000 or more. All existing taxpayers or persons who are required to furnish a return of income, either on behalf of self or others, must obtain PAN. Any person, who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also obtain PAN.