PAN Full Form | What Does PAN Stand For?

PAN: Permanent Account Number

PAN Full Form

PAN full form stands for Permanent Account Number. A Permanent Account Number (PAN) is a ten-digit literal number identified by the Indian Income Tax Department as a “PAN Card” for any “individual” who applies for it or the department allocates. This number can also be obtained as a PDF file without request.

Brief Explanation

A PAN is an individual identifier issued to all identified judicial bodies under the Indian Income Tax Act, 1961. The Income Tax PAN and its associated cards are issued under Section 139AA of the Income Tax Act.

It is issued directly by the Income Tax Department of India under the supervision of the Central Board of Taxes (CBDT) and is an important proof of identity.

Objective

The main purpose of PAN is to bring global recognition to all financial transactions and to prevent tax evasion by being aware of financial transactions, especially those of high value that can affect the economy.

Uses

When submitting an income tax return, you must refer to the source, tax deduction, or any other communication with the Income Tax Department.

PAN is also a mandatory document for continuous opening of new bank account, Demat account, new landline telephone connection / mobile phone connection, purchase of foreign currency, bank deposits of more than 50,000 bank, real estate, purchase and sale of vehicles. Is becoming Etc.

What Is The Full Form Of PAN?

PAN full form stands for Permanent Account Number. It is a ten-digit literal number identified by the Indian Income Tax Department as a “PAN Card” for any “individual” who applies for it or the department allocates. The main purpose of PAN is to bring global recognition to all financial transactions.

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