18 specified financial transactions in which quoting of PAN is mandatory now
Although Aadhaar is gradually gaining more importance than PAN – a ten-digit unique alphanumeric number issued by the Income Tax Department – however, PAN is still important, especially for financial transactions. According to experts, PAN is a way for the Income Tax Department to keep tabs on your financial dealings whereas Aadhaar’s main purpose is to create a centralized database of each citizen residing in India. PAN, in fact, is a very useful tool to estimate the total tax revenue being generated in the country and to be used as an identification document is not its primary job.