Whether you’re looking at buying a car or property, investing in the stock market or converting your Indian rupees to foreign currency, there is one thing that you will need for each of these activities. What could possibly link these, you might ask. The answer is the PAN card. The Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents nowadays.
The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity. In this way, the Income Tax Department has a detailed record of all major transactions for tax purposes.
Indian citizens who are residents of the country as well as NRI (Non Resident Indians), OCI (Overseas Citizen of India) cardholders, PIO’s (Person of Indian Origin) as well as foreigners who come under the purview of the Income Tax Act of 1961 are eligible to apply for a PAN card. Firms and companies, governments and minors too can apply for a PAN card.