It is Permanent Account Number. It is the fresh allotment of PAN in form of application which is done online through internet. You can also change or alter the data stored in PAN or request for re-print of PAN card through internet. It is a form of identifier of Indian Income Tax Payer.

Advantages of PAN

1) Useful in payment of direct taxes;

2) Benefit in respect of filing income tax returns;

3) To avoid the reduction of tax at higher rate than due;

4) Beneficial while enter into other specific transaction like:

Selling or purchasing of immovable property whose value is Rs.5 Lacs or more,

Sale/Purchase of vehicle other than two-wheeler,

Payment done at hotel or restaurants whose amount exceed Rs.25,000 at a time,

Cash payments exceeding Rs.25,000 in connection with travelling to some foreign country,

Payment of an amount of Rs.50,000 or more to the Reserve Bank of India for acquiring bonds,

To pay an amount of Rs.50,000 or more to receive bonds or debentures,

In order to acquire shares,

To purchase any mutual funds,

To deposit an amount of Rs.50,000 or more with any single banking institution within 24 hours,

Payment exceeding Rs5 lakh for purchase of bullion and jewellery