PAN, which stands for Permanent Account Number, is used to open a bank account, to file your tax return, invest in financial instruments or conduct any finance-related activity. PAN Card contains the PAN number and identity details of the cardholder. The PAN number search identifies the individual for taxation purposes and it contains all the relevant financial data of the individual in its storage. Knowing your PAN number is, therefore, a priority for many aspects of your financial life. So, let us figure out the complete details of this all-too-important card.
What is the PAN Card?
A PAN card is a card issued under the Income Tax Act, 1961 and it contains a unique 10-digit alphanumeric code. This code is computer-generated and is unique to the holder of the card.
Who can avail a PAN Card?
The PAN Card is not only issued to individuals. Companies and partnership firms can also avail a PAN Card and it becomes mandatory for such entities to have a PAN number when they are filing their income tax returns. Even in case of individuals, minors, students and Non-Resident Indians can also apply PAN Card online.