What is the use of Pan card to filling Income Tax?

Pan card is call Permanent Account Number. Generally, it is used to return file means filling income tax.

A Pan card is a 10 digit number in which alphabet and numeric characters are included. It’s identifier foundational ID, that is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes to any person who applies for it or to whom the department allots the number without an application. The income tax PAN and its linked card are issued under section 139A of the Income Tax Act. It also serves as an important proof of identification.

In Pan Card, First five and tenth’s letters are alphabets but remaining characters are in numbers letter. The 4th character identifies the type of holder name of the card.

The main purpose of the PAN card is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions, especially those of high net worth individuals who can impact the economy.

Source : Income Tax Dept

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