PAN refers to the (Permanent Account Number). Pan number is comprised of 10-digit alphanumeric number issued by Income tax department to everyone who applies for pan card. Pan number is unique to every pan card holder. It also serves as an identity proof. Once pan card is issued, it remains valid for the entire life of the pan card holder. The primary objective of pan is to use a universal identification key to track financial transactions that might have a taxable component to prevent tax evasion. Pan card is not acceptable as a proof of Indian citizenship.The PAN is required for most of of financial transactions such as opening a bank account, getting taxable salary or professional fees, sale or purchase of assets above specified limits etc.; especially high-value transactions. Further, there is no criterion of minimum age for getting a Pan card.
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