Every taxpayer in the country is asked at least one specific detail when filing their tax return – what is his/her PAN Card number? PAN, which stands for Permanent Account Number, is a unique number allotted to every individual who applies for it. The card which is issued containing the number and identity details of the individual is called the PAN Card. The PAN card number is a mandatory requirement for filing tax returns and also for making financial investments. The PAN number search identifies the individual for taxation purposes and it contains all the relevant financial data of the individual in its storage. How often have you been asked to submit your PAN details? Common examples are when you open a bank account, when you file your tax, when investing in any financial instrument or conducting any finance related activity. 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.