what is pan card for

The Permanent Account Number (PAN) is a ten-digit alphanumeric identifier issued by the Income Tax Department to all taxpayers in India. It acts as an identifier to link all financial transactions with the department and prevent tax evasion. It is mandatory for several key financial activities, including:

• Filing income tax returns and all correspondence with the Income Tax authority.
• Opening a bank account or applying for a credit or debit card.
• Depositing cash exceeding ₹50,000 during any one day with a bank.
• Purchasing or selling a motor vehicle other than a two-wheeled vehicle.