PAN stands for Permanent Account Number. It is a ten-digit alpha-numeric number issued with the aid of the profits tax department. It is obligatory to have a PAN if you are assignment monetary transactions like receiving revenue, expert price and sale or buy of property above particular limits. It is noticeably endorsed that you need to apply new pan card even if your income does no longer fall inside the taxable brackets. It is likewise mandatory for corporations to have a PAN card if their turnover or gross receipt passed 5 lakhs inside the preceding monetary 12 months.