What is the full form of PAN?

Correct option is C

Correct Answer: (c) Permanent Account Number

Explanation:
Correct Answer: (c) Permanent Account Number

Explanation:
PAN (Permanent Account Number) is a unique 10-character alphanumeric identifier issued by the Indian Income Tax Department under the Income Tax Act, 1961. It is used to track financial transactions, prevent tax evasion, and serve as a universal identifier for taxpayers.

Knowledge Booster:
● PAN is issued by the Income Tax Department under the supervision of CBDT (Central Board of Direct Taxes).
● It is mandatory for filing Income Tax Returns (ITR) and for high-value transactions such as property purchases, bank deposits above ₹50,000, and mutual fund investments.
● PAN can be issued to individuals, companies, or any other judicial entities, and even to foreign nationals with a valid visa.
● The PAN structure consists of 10 characters: five letters, followed by four numbers, and one letter (e.g., AAAPL1234C).
● PAN is issued in the form of a physical card or e-PAN (PDF format).