Permanent Account Number (PAN) is unique alphanumeric combination issued to all juristic entities identifiable under the Indian Income Tax Act 1961. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and is almost equivalent to a national identification number. It also serves as an important ID proof.
This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits.
The primary purpose of PAN is to bring a universal identification key factor for all financial transactions and indirectly prevent tax evasion by keeping a track of monetary transactions of high net worth individuals.
Documents for For New PAN Card
Identity Proof
Two recent passport size colour photo's and anyone of the following documents Xerox copy
- Passport
- Driving License
- Ration Card
- Voter ID Card
Address Proof
Anyone of the following documents Xerox copy
- Passport
- Driving License
- Ration Card
- Voter ID Card
- Electricity Bill