Pan Card stands for Permanent Account Number Card used in India. Pan Card is required for any kind of financial transaction in India. Pan Card includes Photo and 10 digit unique alphanumeric numbers for every individual. This Pan Card is issued by Govt. of India (through Tax Department or Ministry of Finance). This Pan Card is used for the purpose of official records and identification in India. PAN Number is just like Social Security Number (SSN) which is used in United States of America.
Pan No. (Permanent Account Number was formed in 1961). It’s headquarter is in Delhi.
Whether you are going to buy share through share market or opening a new saving account / current account in Bank or selling / buying property in India, PAN Card is must, without Pan Card number you can’t do any financial transaction in India.
Every Indian who pays Tax must have his / her PAN No. which is unique. Pan Card is mandatory in case more there is any transaction in Bank above Rs 50,000.
PAN Card can also be used to for identity proof. For example if you are opening a new Bank account or applying for new telephone connection or demat account for trading, Pan Card can be used for your identification purpose and is valid all over India. Pan Card is also mandatory while filling IT (Income Tax) return.
Format of Pan Number
First 5 Characters are letter for example: BBBBB
Next 4 is number, example: 1111
Last character is letter, example: Z
What Pan Card Includes
Pan Card include brief information of your Pan number, your full Name, DOB (date of birth), your complete signature and father’s name. It includes 10 digit unique alphanumeric numbers that is used to identify the person and financial transaction by Govt. of India. It also include your original signature.
Here is a quick overview of Pan Card that stores your details:
1) 10 Digit Alphanumeric number
2) Your Complete Name
3) DOB (Date of Birth, example: DD / MM / YEAR )
4) Your Photograph
5) Your Father’s Name