Permanent Account Number (PAN) was introduced by the Indian Income Tax Department in order to facilitate easy retrieval of information and matching information relating to an assessee’s investment, payment of taxes, raising of loans, assessment, tax demand, tax arrears etc.
The Permanent Account Number (PAN) is unique, national, and permanent. It is unaffected by a change of address, even between states in India.
As a universal identification key the PAN helps to monitor all financial transactions of high net worth individuals and thereby indirectly prevent tax evasion.
Pan Card is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and is almost equivalent to a national identification number. It also serves as an important ID proof.
From 1 January 2005 it has been made mandatory to quote the Permanent Account Number (PAN) on challans for any payments due to Income Tax Department. It is also compulsory to quote PAN in all documents pertaining to most financial transactions.
How long does it take to get PAN card now?
New PAN card takes approx 15 to 20 working days. Correction or Replacement card takes anything from 30 to 40 working days; however this may vary depending on the authorities discretion and load.
Please note that Tax Rasta has no control over the time taken by the authorities to dispatch the PAN card and shall not be held responsible for the same.
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