A Permanent Account Number (PAN) is a unique ten-digit alphanumeric identifier issued by the Income Tax Department of India to all taxpayers. It is mandatory for individuals and businesses to obtain a PAN before conducting certain financial transactions, such as filing income tax returns, opening bank accounts, or making high-value transactions. Applying for a PAN is a straightforward process that can be completed online or offline.
PAN serves as an important document for financial transactions and helps the Income Tax Department track and monitor financial activities. It also facilitates easy access to various e-filing services provided by the government.