Permanent Account Number (PAN) (Q2342)
Permanent Account Number (PAN) is a unique ten digit alpha numeric identification that’s issued to each taxpayer – Business, Individuals, Trusts, HUFs, Foreign Citizens and more. PAN card or number is issued by the Income Tax Department. PAN card is extremely important form of identity and is mandatory for Indian Citizens starting a company or LLP. PAN is mainly used by the Income Tax Department to keep a check on financial transactions that could carry a taxable component. PAN is now required for many mundane transactions like remitting high value cash deposits, obtaining a loan, purchasing a property and more.
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Permanent Account Number (PAN)
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Permanent Account Number (PAN) is a unique ten digit alpha numeric identification that’s issued to each taxpayer – Business, Individuals, Trusts, HUFs, Foreign Citizens and more. PAN card or number is issued by the Income Tax Department. PAN card is extremely important form of identity and is mandatory for Indian Citizens starting a company or LLP. PAN is mainly used by the Income Tax Department to keep a check on financial transactions that could carry a taxable component. PAN is now required for many mundane transactions like remitting high value cash deposits, obtaining a loan, purchasing a property and more.
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