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A Permanent Account Number (PAN) card is a unique 10-digit alphanumeric identifier issued by the Income Tax Department of India. It is essential for financial transactions, tax filing, and identity verification.
Applying for a PAN card in India can be done online through the NSDL or UTIITSL portals. Applicants need to fill out Form 49A (for Indian citizens) or Form 49AA (for foreign citizens), submit proof of identity, address, and date of birth, and pay the application fee. Once verified, the PAN card is dispatched to the applicant’s address.
A PAN card is crucial for various financial activities, including opening a bank account, filing income tax returns, purchasing property, making high-value transactions, and investing in securities. It ensures tax compliance and helps track financial records, preventing tax evasion.