Permanent Account Number
PAN
Beginner Level
India
Taxation
2 views
Definition
A unique 10-character alphanumeric identifier issued by the Income Tax Department to taxpayers.
Detailed Explanation
PAN is mandatory for filing tax returns, opening bank accounts above certain limits, and high-value transactions. It tracks all financial transactions and prevents tax evasion.
Example
PAN format: ABCDE1234F - first 5 letters, 4 numbers, 1 letter.
Local Context (India)
PAN has become a universal financial identity in India, linked to Aadhaar for comprehensive tracking.