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What is a PAN Card and its importance?
Permanent Account Number (PAN) is a 10-digit alphanumeric identification number given by the income tax department to all taxpayers in India.
It is an important document for carrying out financial transactions like opening a savings bank account, applying for a debit/credit card, etc.
The importance of a PAN card is as follows:
- PAN details are required to open a new bank account
- You have to provide PAN details while investing money
- For filing tax returns
- To get a new phone connection
- While applying for a new credit/debit card as well as a loan
- Acts as a valid proof of identity
