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What is the full form of PAN:

PAN represents Permanent Account Number.

It is a unique number provided by the government of India to all the Indians as their identity. This number is specially given to those citizens who pay the Income Tax. It is an alpha numeric identifier which has 10 characters. PAN card is issued by the Income Tax Department of India, and is controlled by the Central Board of Direct Taxes. Like Aadhaar Card, Driving License, PAN card is also an important ID proof for the citizens of India.

PAN card is a mandatory document in many of the financial transactions like account opening in a bank, for receiving salary or professional fees which is taxable, for selling or purchasing the assets above a specific limit. PAN card does not have any expiry date as Passport. It is issued once and remains the same throughout the life time. Address change does not affect the PAN card. It is valid throughout India.

It provides a unique identification to all the financial transactions made by a person. It helps in preventing tax evasion, as it keeps a track of all the important transactions done, specially the once which are of high amount and which can impact the economy of the country.

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