What is Pan Card? What are its benefits?
use in all account related activities
This number is required for many activities such as opening an account, getting a phone line, receiving salary or professional fees. The primary purpose of PAN is to prevent tax evasion by keeping a track of monetary transactions. The PAN is unique, national, and permanent. It is unaffected by a change of address, even between states.This number can be considered to be similar to Social security number.
PAN structure is as follows: AAAAA9999A: First five characters are letters, next 4 numerals, last character letter
Each deductee is uniquely identified by the PAN
If the PAN does not follow the above structure, then the PAN will be shown invalid
The fourth character of the PAN must be one of the following, depending on the type of assessee:
H Hindu Undivided Family (HUF)
F F ...more