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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 Aadhaar and driving license, it is also issued to foreign nationals 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.
The PAN is unique, valid for life-time of the PAN-holder throughout India. It is not affected by change of address. [Click Here to read more info]
Understand the PAN (Permanent Account Number)
PAN is a 10 digit alpha numeric number, where the first 5 characters are letters, the next 4 numbers and the last one a letter again. These 10 characters can bedivided in five parts as can be seen below. The meaning of each number has been explained further.
Nowadays, the DOI (Date of Issue) of PAN card is mentioned at the right (vertical) hand side of the photo on the PAN card. ………!!!
Apply Indian PAN Card From Australia