Once approved, applicants are notified of their PAN number by SMS and email. Applicants can apply for PAN through these portals online and get them approved in less than a week. In order to facilitate quick processing of PAN applications, the government has 2 prominent portals - the NSDL & the UTIITSL. PAN plays an important role in rooting out the menace of black money and money laundering. By linking all financial transactions to a person's PAN, the government is able to track the flow of money and thus prevent tax evasion. Since it is linked to an individual, it can be used as a proof of identity for financial transactions. PAN is important for the economic well-being of our country.
Tax payments, TDS/TCS credits, and other similar transactions of financial nature. A PAN Card is a national identification card issued by the Indian Income Tax Department (I-T).Ī PAN number is a 10-digit alphanumeric code that is used to group together all of an individual's IT transactions. Permanent Account Number (PAN) is an identification document issued to Indian taxpayers.
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