Permanent Account Number possesses multifaceted properties & extremely valuable for its holder. But, before elaborating its significance, we should know what exactly it means. In India, it is mandatory for the citizen to be PAN card holder if he is doing any monetary or bank transaction above pre-determined limit. Besides this, PAN card is also requisite for the citizens if they are purchasing certain movable or immovable properties. It can be issued to every citizen of country no matter he is tax payee or not because PAN card is very much useful for the citizens. Permanent Account Number is issued by the Income Tax Office.

Salient features of PAN (Permanent Account Number)

• It is also known as national identity number.
• It is permanent & no need to be renewed.
• It certifies the citizenship of its nationals.
• It can be use for the opening of Bank Accounts.
• It can not be invalid if holder changes the address even if he is migrating to another state.

Finally, in short, it may be perceived that PAN is one of the chief & permanent documents and the main motive behind issuing it to stop tax evasion by keeping vigil on monetary transactions of the citizen.