PAN

What is PAN?
PAN, or permanent account number, is a unique 10-digit alphanumeric identity allotted to each taxpayer by the Income Tax Department under the supervision of the Central Board of Direct Taxes. It also serves as an identity proof.

WHO MUST APPLY FOR PAN?
Anybody who earns a taxable income in India, including foreign nationals who pay taxes here. Anybody who runs a business (be it retail, services or consultancy) that had total sales, turnover or gross receipt exceeding Rs 5 lakh in the previous financial year.