PAN or Permanent Account Number is a unique identifier comprising 10 alpha-numeric characters issued by the Income Tax department of India under Section 139 of the Income Tax Act, 1961. The purpose of a PAN card is to track tax-related financial transactions of individuals as well as organisations. PAN is not a proof of citizenship hence a valid PAN in India can be held by foreign nationals and companies that are liable to be taxed.
Moreover, a PAN card is required for various purposes such as for filing Income Tax Return, purchasing and selling fixed tangible assets, opening a bank account, etc. Read on to know about the PAN Card.