Permanent Account Number (PAN) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department in India. This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits. Permanent Account Number, as the name suggests is a permanent number which does not change during the lifetime of the PAN holder and also serves as an important ID proof. It is allotted to each tax payer by Income Tax Department under the supervision of the Central Board of Direct Taxes The primary objective is to use a universal identification key to track financial transactions having a taxable component in it in order to prevent tax evasion. It remains unaffected by change of address throughout the country.
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