05 July, 2025 at 3:25 pm
A PAN card is a unique identification document that is used for financial services like paying taxes, filing ITRs, making investments in mutual funds and shares, and purchasing property. The PAN card was started in 1972 by the Indian government under Section 139A of the Income Tax Act of 1961.
Permanent Account Number PAN was introduced to make India's financial, taxation, and taxpayers' identification. It helps for tax purposes, banking services, securities, insurance, loans, and retirement planning.
Here is the history of the evolution of the PAN card in India. In 1972, the concept of the PAN card was introduced. In 1995, Amendments to section 139A made it mandatory for all Indian nationals nationwide to have a PAN card by 11 February 1998. In 2004, the Tax Information Network (TIN) was launched to provide electronic submission of tax deductions at source (TDS). In 2013, KYC was introduced to make the PAN application process easier. In 2017, linking PAN and Aadhaar is mandatory. In 2020, Finance Minister Nirmala Sitaraman, on 28 May 2020, made KYC based on an Aadhaar number. In 2024, PAN 2.0 is introduced.
The PAN card was introduced in 1972, but it was made mandatory on 1 June 1996, after the amendments to section 139A. All the PAN cards are now mandatory to issue across India, and extended nationwide by 11 February 1998.
A PAN card is an Identification document issued to an individual to manage financial and taxation activities in India. It contains the name of the cardholder, the father's name of the cardholder, number 10-digit alphanumeric permanent account number, signature, date of birth, photograph, and an Indian hologram with an Income Tax department tag.
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