What does PAN or PAN Card or Permanent Account Number mean?
The Permanent Account Number, or PAN, is a 10-digit number that an Income Tax Department of India assigns to an individual or company. Your PAN number does not change when you move to another place.
A PAN card, which looks similar to a credit card, includes the PAN number and a photo.
Here are some important facts about the PAN Card
- PAN Card is needed for opening a Demat account.
- You cannot open a demat account if you don't have a PAN card and have an existing demat account.
- If the demat account you have is joint, each participant should have a valid passport.
- PAN Card is required to buy or sell mutual funds.
- A person cannot have more than one PAN number. This is a law.