Homonym: PAN (Frying)
A PAN, or Permanent Account Number, is a unique identifier issued by the Income Tax Department of India. It is primarily used for tracking financial transactions and ensuring that individuals and entities comply with tax regulations. The PAN is a ten-character alphanumeric code that helps in preventing tax evasion and facilitates the processing of tax returns.
Individuals and businesses must obtain a PAN to conduct various financial activities, such as opening a bank account, filing income tax returns, and making high-value transactions. The PAN is essential for maintaining transparency in the financial system and is linked to various government databases.