Key Features:

Legal identity: PAN card acts as legal identity verification and photo for various purposes, including obtaining a gas connection and opening a bank account.
Bank account: A PAN card is required to open a bank account and other banking-associated financial operations.
Debit/credit card: PAN information is also required for debit/credit card applications. Applications that are rejected due to a lack of PAN card information or other factors may negatively influence your credit score.
Loan: PAN card information is required for all types of loan applications.
Digital payment: Digital payment wallets also require PAN card information if monthly transactions surpass Rs. 20,000.
Except for two-wheelers, PAN card information is required to sell or purchase all vehicles.

Benefits:

IT Returns Filing: All individuals and entities who are eligible for Income tax are expected to file their IT returns. A PAN card is necessary for filing of IT returns, and is the primary reason individuals, as well as other entities, apply for one.
Identity proof: PAN card serves a valid identity proof. Other than voter card, Aadhaar card, PAN card is also accepted by all financial institutions and other organisations as an identity proof.
Taxation: One of the important reasons to get a PAN card is for taxation. If the entity or person has not linked the PAN number with his bank account, and the annual interest earnings on savings deposits are more