What is pancard? What is the use ?

Pan Card is a card consisting ten digit numbers issued by Income Tax Department under Income Tax Act, 1961. It stands for Permanent Account Number. It is a identity card for any individual. It is necessary for individual firm, companies, Hindu Undivided Family, co-operative society, Government Agencies, and many more. It is used in buying vehicles. It is used in post office, bank and Non-banking financial company. It is necessary for opening demat account and for applications related to credit card.

PAN, or permanent account number, is a 10-digit unique alphanumeric number allotted to taxpayers by the Income Tax Department.Change of address anywhere in India does not affect PAN number and it remains the same .As it is an important identity proof it is compulsory to provide a PAN card details at the time of applying for a credit card or debit card,bank loans,investment above Rs.50,000 in bank or mutual funds.Purchases of gold or vehicles above 5 lacs need Pan card details.