Glossary · Income Tax
PAN
Permanent Account Number — a ten-character alphanumeric identifier issued by the Income Tax Department to every taxpayer.
PAN is structured as AAAAA9999A (5 letters, 4 digits, 1 letter) and is mandatory for any person whose income exceeds the basic exemption limit, for specified financial transactions above ₹50,000, and for TDS or TCS deduction. Quoting a wrong PAN attracts a penalty of ₹10,000 under Section 272B. PAN is now linked with Aadhaar under Section 139AA; failure to link may render the PAN inoperative and the taxpayer cannot file ITRs.
Examples
Form 16, bank fixed deposits above ₹50,000, and property purchases all require quoting PAN.
Related terms
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