It is that time of the year when talks about income tax filing returns are heard in every home and office. Did you know that one cannot file IT returns without PAN and without linking it to Aadhar card to Pan Card? What's that? The blue card that finds a place in your parents' wallet, along with credit and debit cards, is the PAN card. Take a look at it. You will find a photo of the card holder, name, surname and an aphla-numeric number and date of birth.

Permanent Account Number (PAN) is a code issued by the Department of Income Tax. It is a 10-digit number-and-alphabet combination and is unique to each individual. Identify this number on your parent's card. It would be something like this - ABCDP4678H. This number enables the department to monitor financial transactions of the holder. It also helps the Income Tax department to keep track of the tax paid or evaded by an individual. The first ever such card was issued in 1964. It is also issued to foreign nationals such as investors.

It is mandatory for an individual to declare his/her PAN when opening a bank account, receiving taxable salary or professional fees, while making certain high-value transactions, while buying a property or a car worth over a certain limit, buying or selling shares or mutual funds, applying for a visa/passport, making payment of income tax or filing tax return, and while applying for a bank loan. Through it, the Income Tax department is kept in the loop of one's income, property details, investment and tax payment. PAN, thus, acts as an identifier of the person with the tax department.

All taxpayers, a producer or manufacturer of excisable goods, anyone who intends to make financial transactions where quoting PAN is mandatory and even those who furnish a return of income, on behalf of others, must obtain PAN. Companies and trusts should also have PAN. If you recently applied for PAN card, then it takes around 1-2 months to reach at your address.
In 2008, a three-month-old baby from Orissa got PAN, after a trust signed the baby up for modelling.

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