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 and identity details of the cardholder. The Permanent Account Number search identifies the individual for taxation purposes and it contains all the relevant financial data of the individual in its storage. Knowing your Permanent Account 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.
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What is a PAN Card?
A PAN card is 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 and is valid for the lifetime.
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 when they are filing their income tax returns. Even in case of individuals, minors, students and Non-Resident Indians can also apply for PAN Card online.