How to apply for PAN Card
AN or Permanent Account Number is a 10 digit alpha-numeric code which stores all financial transactions of an entity. Each and every taxpayer in India is assigned a PAN through which he can pay taxes and file Income Tax Returns. In the year 1972, the concept of PAN or Permanent Account Number was introduced by the Indian Government. When introduced, this system was voluntary for the individuals but as time passed it was made mandatory for every taxpayer under Section 139A of the Income Tax Act, 1961. Previously, PAN Card number was allotted to the taxpayers manually by the Government but as the number of taxpayers increased, it became difficult for the Government to keep track of each one of them manually. Thus, in 1995 the process of manual allotment was revoked. A person can go for PAN card application both online and offline.