Full Form of PAN
Permanent Account Number
PAN Full Form is Permanent Account Number. PAN is a ten-digit code which is uniquely generated for each citizen of India. It acts as an important proof of Identity for all Indians, specifically for those who pay Income Tax.
Importance of PAN
The reason why PAN is an important document is because it is needed to carry out almost all the major financial transactions, whether it is opening a new bank account or buying and selling of business goods.
It prevents any tax evasions since it is important for all the high-value transactions, whether it be the transfer of monthly salary or profits from a personal business.
How to get a PAN Card?
PAN is issued by the Income Tax Department of India. Like applying for the passport is a voluntary action, similarly getting a PAN is voluntary too. To obtain it, one needs to fill a form which is available online, send the needed documents to the office of NSDL with an identity proof and recent photograph. It takes a maximum of one month for the Unique PAN number to be generated and mailed to your address.Once you get a PAN, it is going to be valid till you live. Irrespective of whether you change your address and workplace, the PAN remains the same.