Importance of PAN in detail
The PAN full form – Permanent Account Number, This PAN is the combination of a set of ten-digit alphanumeric characters that are issued by the Department of Income Tax of India and issued under section 139A of the Indian Income Tax Act 1961. It comprises both numeric and alphabetic sequences of digits. On the PAN card, it includes the Organization name, DOB, and a photo that can also be provided as identification proof.
Format of PAN card:
Generally, the PAN card format contains primitive information about the person that includes name, Date of Birth (DOB) as correlated with the KYC regulation. Here, we can see the format and information on the PAN card in detail.
- Applicants Name.
- Name of the applicant’s father or caretaker.
- Date of birth of the applicant.
- Date of Registration.
Here is an example of the PAN card number ABCPNXXXXC. The first four characters are in the English alphabet and the next four characters are in numeric form. At last, it has one alphabetic letter again.
Documentation necessary for PAN card:
PAN full form is Permanent Account Number, for the registration process, the applicant should submit all primitive identity and proof of address documents. Aadhar card, voter ID, Driving license, and Passport for Identity and address proof. These are the necessary primary documentation for PAN cards.
To summarize, a PAN card is required for essential identity proof and for filing an income tax return. PAN full form is Permanent Account Number, this card is the most essential thing for the various registration process that includes, opening a bank account, getting a loan or credit card, and many more. And it is the most important document when you purchase or sell a property worth more than 5 lakh. Moreover, it is a necessary document, when you buy an automobile and its registration process.