PAN CARD is essential for taxpayers as it keeps a track of all your inflow and outflow of money transactions. It is important while paying taxes and receiving notices from the income tax department. This card can be used as valid identity proof across the country. Besides tax-paying there are other reasons to have a PAN card.
PAN card was issued under the Income Tax act 1961 by Central Board for Direct Taxes (CBDT). The key idea behind the issue of PAN cards was to enable the tracking of individuals' financial reports and to track all the black and white income of individuals under government administration.