Full Form Of PAN Or PAN Full Form
Full-Form Of PAN Is a Permanent Account Number
Some Details About PAN
A ten-character alphanumeric identifier is a permanent account number (PAN), issued in the form of a laminated “PAN card”, which the Indian Income Tax Department, to any “person” who applies for PAN or to whom the department allots the number without an application.
A unique identifier issued to all judicial entities identifiable under the Indian Income Tax Act, 1961 is a PAN. The income tax PAN and its linked card are issued under Section 139A of the Income Tax Act. BY the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) is issued PAN and it also serves as an important proof of identification.
PAN is also issued to foreign nationals (such as investors) subject to a valid visa, that’s why PAN card is not acceptable as proof of Indian citizenship but A PAN is necessary for filing income tax returns.
To bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions is the primary purpose of the PAN, especially those of high-net-worth individuals who can impact the economy.
Quoting the PAN is mandatory when filing income tax returns, tax deduction at source, or any other communication with the Income Tax Department. Opening a new bank account, a new landline telephone connection / a mobile phone connection, purchase of foreign currency, bank deposits above ₹50,000, purchase and sale of immovable properties, vehicles, etc, For these things PAN is also steadily becoming a mandatory document.
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