PAN or Permanent Account Number is a ten-digit alphanumeric number issued by the Income Tax Department to an assessee. PAN Card enables the taxes to link transactions of a person which include tax payments, TDS (tax deducted at source)/TCS (tax collected at source) credits and income tax returns. PAN acts like an identifier for a person with the Income Tax Department and it is mandatory for filling of income tax and also for carrying out financial transactions after a certain limit of amount. For example, even depositing of an amount above 50,000 Rs in your bank account, would require the mention of your PAN number.
Here are 10 things to know about the latest PAN rules and why you need a PAN card: