What is the full form of PAN?

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    • Permanent Account Number is a unique alphanumeric combination that is issued to a person or a corporation or all juristic entities who are identifiable under the Indian Income Tax Act, 1961. The Income Tax Department issues PAN under the supervision of the Central Board for Direct Taxes (CBDT). It is accepted as an identification proof for all practical purposes in India and is similar to a national identification number. It is needed to file income tax return at the end of a financial year.
      As per the guidelines of RBI all the banks are required to link the bank account with the PAN. Any transaction above a certain limit (usually INR 50,000) has to be accompanies with PAN. The structure of PAN consists of first four characters, next four numbers and last character as an alphabet. Each alphabet and number are assigned as per some rules stipulated by Income Tax Department.

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