Pan details

PAN means Permanent Account Number.

It consisits of unique alphanumeric combination issued persons identifiable under the Indian Income Tax Act 1961.

It is almost equivalent to a national identification number and also serves as an important ID proof.

This number is almost mandatory for financial transactions such as opening a bank account, receiving taxable salary or professional fees, sale or purchase of assets above specified limits.

The primary purpose of PAN is to bring a universal identification key factor for all financial transactions and indirectly prevent tax evasion by keeping a track of monetary transactions of high net worth individuals.

you need to file Income Tax return if your income is taxable in which u have to make full assessment of your income and tax payable thereon and if excess tax is deducted than payable than in this case refund will be issued to you.