A Permanent Account Number also known as PAN is a must have document for any taxpayer. All those who earn or receive an income, are liable to pay taxes on it. Every individual needs to have their PAN card in order to become an eligible tax payer. Also, to open a bank account, be it savings or current account, a PAN card is needed. For the tax paying as well as loan purposes their PAN card is verified to make sure that the individual is legitimate and has not been involved in any fraudulent activities.