What is the Full Form of PAN?

PAN stands for Permanent Account Number. It is a unique ten-digit alphanumeric identifier issued by the Income Tax Department of India to individuals and entities for tracking financial transactions.

Significance of PAN

PAN is essential for:

  • Taxation: Ensuring proper identification and tracking of tax liabilities.

  • Financial Transactions: Required for opening bank accounts, investing in securities, and large financial transactions.

  • Verification: Serving as a proof of identity in various legal and financial contexts.

Application Process

To apply for a PAN card, one must:

  • Fill the Form: Complete the application form (Form 49A for individuals, Form 49AA for foreign nationals).

  • Submit Documents: Provide proof of identity, address, and date of birth.

  • Pay the Fee: Pay the required processing fee.

  • Verification and Issue: Once verified, the PAN card is issued and sent to the applicant.

Role in Financial Transactions

PAN ensures transparency and helps curb tax evasion by linking all financial transactions of an individual or entity to their PAN.

 

PYQs For PAN

 

Q. What is the full form of PAN?

Ans. The full form of PAN is Permanent Account Number.

 

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