What is PAN Card? Why PAN Card is important for Online & Offline Transaction?

The full form of PAN Card is Permanent Account Number. It is an important financial document in India, which is a mixture of numbers and alphabet. If you want to know more about PAN Card and why it is valid for online and offline transactions, then this post will guide you. Read on!

PAN Card is a vital financial document that is issued by the Income Tax Department in India. It is generally issued to all individuals who pay income tax. However, even if someone if not paying tax, it can still be applied and used as a proof of identity. 

If you want to undertake any online and offline transactions in India, then your PAN Card may be considered as one of the key documents in helping facilitate the process. 

Companies that offer offline and online services such as EMI transactions require your PAN number to facilitate your request for Know Your Customer (KYC) procedures. 

An EMI service provider requires your PAN number to authenticate that you are the real owner of the PAN Card. A company that offers an EMI facility to help you buy products on installments may use your PAN Card to check how you have managed your existing and earlier debts. 

You are now aware of the concept of PAN Card and why it holds so much importance in helping you carry on with online and offline transactions.

Also, Read This: How to Apply for PAN Card Online: Eligibility, Age Limit, Required Documents