PAN stands for Permanent Account Number and is a unique identification number issued by the Income Tax department of India to identify every taxpayer in the country. Your PAN holds all your tax-related information in one place, and as your PAN card links all your financial transactions to you, it allows the Income Tax Department to maintain a detailed record of all the same. Therefore, the system helps thwart tax evasion extensively.
PAN is not only a card necessary to file IT returns, but you also need it for several other reasons such as in order to open a bank account, when applying for a debit/credit card, when applying for loans, when starting an FD, and for insurance payments. You can use it as a proof of identity and you have to mandatorily furnish it when initiating a foreign currency exchange. Moreover, submitting a copy of your PAN card is essential when you’re buying/selling vehicles, property, and even when you’re purchasing jewellery.
If you are wondering how to make PAN card, you can do so easily by submitting your application to TIN-FC or an NSDL PAN centre. NSDL also accepts applications online and has a step-wise procedure on how to apply PAN card online. Whether you want to know how to apply for new PAN card or wish to correct your existing one, TIN-NSDL enables you to do so conveniently from the comfort of your home.