What Is The Use Of A PAN Card | EduVisor

 PAN is a Permanent Account Number (10-digit alphanumeric number), which is issued by the Income Tax Department in India. A PAN Card is used as a document of identity proof. Another important use of PAN Card is that it is required mandatorily when opening a bank account or carrying out financial transactions. It is similar to the Social Security Number (SSN) that is issued in the United States.

Section 139A of the Income Tax Act 1961 is the relevant section that lays down the requirements for the same. The main purpose why the Government of India issues PAN cards is prevention of tax evasion. By requiring people to fill their PAN card numbers when engaging in money transfer, the IT Department can keep track of all monetary transactions that take place, in order to prevent tax evasion.

What Is The Use Of A PAN Card?

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