What is PAN Card and Types of PAN Card?
All taxpaying individuals and entities, Indians and non-resident Indians (NRIs), are allotted a unique identity number, known as the Permanent Account Number (PAN), by the Income Tax Department under the Income Tax Act, 1961. The PAN is a 10-digit alphanumeric number that is imprinted on a laminated plastic card known as the PAN Card. PAN Card is an electronic system wherein all the tax-related information of individuals & entities are recorded by the Income Tax Department, Govt. of India, under a single Permanent Account Number. No two taxpaying entities can have the same Permanent Account Number. A valid PAN Card serves as an important identity proof for any individual or entity which displays has all the vital details of the PAN holder. It is important to provide this identity proof when one is planning to engage in major financial transactions in India. Also, foreign passport holders and even minors can apply for a PAN card. The PAN Card can be obtained simply by submitting a d...