A PAN (Permanent Account Number) card is a unique 10-character alphanumeric identifier issued by the Income Tax Department of India to all taxpayers in the country. It is mandatory for individuals and businesses to have a PAN card in order to file income tax returns, open bank accounts, or conduct various financial transactions.
There are several benefits to having a PAN card. It helps in reducing the chances of tax evasion and black money circulation. It also enables individuals to track their financial transactions and investments. Additionally, it simplifies the process of receiving refunds and other benefits from the Income Tax Department.