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PAN Stands for

By BYJU'S Exam Prep

Updated on: September 25th, 2023

The abbreviation PAN stands for Permanent Account Number which is a unique alphanumeric number containing 10 digits. It is a computer-based system that assigns a unique identification number every time. But what is the significance of this number? Read further to know more.

Answer:

The abbreviation PAN stands for Permanent Account Number

A PAN card is a physical card that contains the PAN and it is valid for a lifetime. This is because a change in address or age doesn’t affect it. 

What is PAN?

PAN is assigned mostly to Indian income taxpayers by the Indian Income-tax authorities. It helps the department track any tax-related information and transactions made by the citizens. Hence, it acts as a database for all individual transactions such as TDS, TCS, ROI, etc. 

Summary:

PAN Stands for

The short form PAN stands for Permanent Account Number which is a unique 10-digit alphanumeric code allotted to all Indian taxpayers by the Income Tax Department. It is an identification code that helps record all tax-related transactions of the individual. 

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