Permanent Account Number is the unique 10-character alphanumeric code given to individuals, HUF, and business-firms in India and abroad.
Who issues PAN card?
The Income Tax Department has delegated this power to NSDL and UTI, who on the behalf of IT department and under the supervision of CBDT issues the PAN card.
Who can apply?
Any Individual, HUF and all kind of business entities. It is mandatory for the persons who earn taxable income, and are required to pay Income Tax.
Validity of PAN card
Pan Card is valid for the lifetime unless you surrender it to tax authorities. The generation of the PAN is one-time process requires no renewal.
Where PAN required?
PAN is mandatory for the filing income tax return, an opening of bank account, availing loan, buying & selling a property, foreign exchange, bank deposit and other financial facilities.
How to verify the PAN?
The government offers an online portal ‘Know Your PAN’, from where anyone can easily verify and authenticate the validity of PAN number.