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What is Understanding Permanent Account Number (PAN) about?

PAN or Permanent Account Number is a 10-digit alphanumeric number issued by the Income Tax Department to taxpayers for the purpose of identification. Any individual whose total income exceeds the maximum amount not chargeable to tax or carries out business activities with over Rs. 5 lakhs in annual turnover must apply for a PAN. Certain transactions like property purchases, opening bank accounts, and hotel payments over Rs. 25,000 also require quoting of the PAN. Applications for a PAN must be made on Form

Author

Adrishya

Language

EN