What is Permanent Account Number?
Permanent Account Number(PAN) is a unique 10-digit alphanumeric identity allotted by the Income Tax Department. PAN is mandatory for all financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and many more.
The primary objective of PAN is to use a unique identification number to track financial transactions that might have a taxable component to prevent tax evasion. The PAN number remains unaffected by change of address throughout India. PAN registration is done through Compliance Advisor.