The Government of India introduced the PAN or the Personal Account Number in a bid to prevent tax evasion. This was essentially taken care of by ensuring that all financial transactions made by individuals and entities will be linked to their PAN Cards. This step has significantly helped the Income Tax Department to gain access to and maintain records of all major transactions for the purposes of taxation.
However, PAN Card has a wide array of other uses as well. But, before we get to them, let us understand who can apply for a PAN Card.
All citizens of India
Non-Resident Indians (NRIs)
Overseas Citizen of India (OCI)
Person of Indian Origin (PIO)
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