What is PAN Card? Why having PAN Card is important?

What is PAN Card?

The full form of PAN is Permanent Account Number. The number is 10 characters long, and you can consider ABCAC0000A as the best example of Permanent Account number. First 5 Characters or PAN are Characters (A-Z), Followed by 4 Numbers, Followed by 1 Character Again.

PAN came into Existence to bring to Identify All Financial Transactions so that Tax Evasion Can be Prevented. It is used to track the Financial Transactions done by high-valued Individuals or Organizations who can Affect Economy.

Once issued, Your PAN will remain the same throughout your Life. PAN will not change with the change in Address or location. It works as Identity for Indian the Tax Payers.

Why is PAN Card Important?

Having PAN is very much important because You need it while starting the new business, Getting approval to use Payment Gateway in case you want to start an online business.

You also need PAN while opening new Bank account and while making huge transactions. It’s Mandatory to have PAN while paying Income Tax.

If you are not Indian but you want to Start a new business in India, You need PAN Card. It means that You can’t use PAN Card to Prove your Indian Citizenship. We can say that PAN Card is Mandatory to do any legal business in India no matter you are Indian or not.

If you are Not Indian, the Process to Apply for PAN card will remain same if you have Valid VISA.

How to Apply for PAN card?

It’s Not so Hard to Apply for PAN Card. There are 2 means to Apply for PAN Card. You can Apply Online or Apply by contacting PAN Card Agency Near you.

In case you are going with Online Application for PAN Card; You can Apply through NSDL Or Apply through UTI. You can follow our straightforward step-by-step guide on applying for new PAN Card to understand how exactly you can apply for new PAN card online!

The good thing about PAN Card is once applied, you can always check the current PAN Card Status. It means you can track what’s going on with your PAN Application.

Hope now you know more about PAN Cards and It’s Importance. You can always Comment down your questions related to PAN Because we’ll solve them as Soon as Possible.

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