The income tax department has introduced the Permanent Account Number, otherwise known as PAN for all the tax payers.

Your PAN is a unique 10-digit alphanumeric number that identifies and tracks an individual in the taxman's database.

Note: Obtaining more than one PAN is against the law.

Why do you need a PAN Card?

Most often you use your PAN Card for the following

• When you file an income tax return 

• When you open a bank account 

• When you deposit cash of Rs 50,000 or more in a bank

• When you open a bank fixed deposit of Rs 50,000 or more 

• When you open a post office deposit of Rs 50,000 or more 

• When you buy/ sell shares and mutual funds

• When you buy/ sell property 

• When you take a loan: home/ personal/ other 

• When you pay in cash to hotels and restaurants against bills for an amount exceeding Rs 25,000 at any one time 

• When you have to remit money to an overseas firm or companies to pay the bills, settle account or for a fees payable