Permanent Account Number (PAN) is a UNIQUE 10-digits alpha numeric number allotted by the Income Tax Department. It is issued in the form of a laminated card. It is PERMANENT, and the number will not change with change of address of the PAN holder or change of Income Tax Officer. The Income Tax Department issues PAN in partnership with UTI Technology Services Ltd and National Securities Depository Ltd. It is a simple process of filling up a form, attaching required photographs and necessary documents in order to obtain a PAN number. One needs to submit the requisite application in Form No 49A or Form No. 49AA (depending on citizenship). Every person assessable to tax or satisfying certain criteria is required to obtain PAN. Further, PAN is mandatory for transacting in financial markets in India.
Under the Income-tax Act, 1961, the following persons resident or non-resident have statutory obligation for acquiring and quoting PAN:
It is necessary to quote PAN or provide the copy of PAN card for entering into following transactions.