PAN CARD

A PAN card, or Permanent Account Number card, is a unique identification number issued by the Income Tax Department in India. It is a 10-character alphanumeric code that serves as a crucial document for various financial transactions and is used to track and monitor taxable activities.

Key Points about the PAN card :-

1. Purpose:-

2. • The primary purpose of a PAN card is to identify taxpayers and facilitate easy retrieval of information about them.
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3. Mandatory for Financial Transactions: -

   • PAN is mandatory for a range of financial transactions, including opening a bank account, receiving salary, buying or selling property, opening a demat account, and investing in the stock market.
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4. Tax Identification Number: -

   • PAN serves as a Tax Identification Number (TIN) and is used when filing income tax returns.
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5. Unique Alphanumeric Code: -

   • A PAN is a 10-character code comprising letters and numbers. The first five characters are letters, followed by four numbers, and ending with a letter.
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6. Application Process: -

   • Individuals can apply for a PAN card through the official website of the Income Tax Department or through authorized service providers. The application process may involve submitting identity and address proof along with a photograph.
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7. Validity: -

   • Once issued, a PAN card is valid for a lifetime. There is no need to renew it.
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8. International Transactions: -

   • PAN is also required for certain international financial transactions.
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9. Tracking Financial Transactions: -

   • PAN helps the government track high-value financial transactions to prevent tax evasion and ensure compliance with tax regulations.
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10. Linking with Aadhaar: -

    • The government has made it mandatory to link PAN with Aadhaar for income tax filing.
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11. Lost or Damaged PAN Card: -

    • In case of loss or damage to the PAN card, individuals can apply for a duplicate or reprint through the official channels.
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12. e-PAN: -

    • The Income Tax Department also issues electronic PAN cards (e-PAN) that can be downloaded from the official website.
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13. Correction/Update of PAN Data: -

• In case of changes in personal information, individuals can apply for corrections or updates to their PAN data.

1. Issued By: -

• PANCARD issued by the Government of India.