PAN/ TAN registration is
          necessary for financial transactions
        Permanent Account Number (PAN) is the tax identification
          number for persons resident in India issued by the Income-tax Department. It is applicable to all persons/
          entities including individuals, partnerships, HUF, LLP, Companies and Non-Resident Indians and Foreign
          Companies. The PAN for a sole proprietorship is the same as that of the individual. It is a unique,
          10-character Alphanumeric identifier. The fourth digit indicates the nature of the entity – such as P for
          Individual, C for company, F for partnership firm. The fifth digit indicates the first letter of the name of
          the entity.It is necessary for filing of tax returns and various financial transactions such as opening of
          bank accounts, real estate transactions, making investments and dealing in foreign exchange.