Hi,
Permanent account number (PAN) is the identifier of Indian income tax payers in the form of AAAPL1234C. It is unique, 10- character alpha-numeric identifier, issued to all juristic entities identifiable under the Indian Income Tax Act 1961. It is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and it also serves as an important proof of identification.
Like Indian Aadhaar and driving license, it is also issued to foreign nationals (like investors, etc.) on valid visa as it is not a proof of nationality.
This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits etc.
The primary purpose of PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions of high-net-worth individuals.
If you would like to discuss this briefly, kindly reply to this mail. I would be glad to play a small part in your brand success!
Regards,
Amar Chand (M: +91 9819414721)
Alankit Assignments Ltd
Mumbai
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