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It has been made compulsory for an individual to have a PAN card because they may need it for a variety of purposes in India. You may need your PAN card to file an ITR if your income exceeds 2.5 lakh rupees, to make big cash transactions, to either purchase or sell an immovable property land in India, to open a new bank account, to buy gold more than the value of 2 lakh rupees, to receive rent for the property you have leased in India, and many more other reasons are there. Hence, it is better that you get a PAN card before it's needed.
A PAN card is more than just a document. Although it is not mandatory to have one but I would suggest that everyone apply for a PAN card and have one. You will need it for various financial transactions in India, and you can even use it for identity verification.
Having a PAN card is a must for every Indian citizen, including a newborn child, without adding their photograph. It can later be changed after a few years when the minor grows up. A PAN card is a mandatory requirement for almost every financial transaction in India.
You need a PAN card for various reasons in India, one of them being opening a bank account. I once opened an account without a PAN card online without doing the KYC. The account worked well for a few months, but later got closed because I couldn't complete the KYC process, as I didn't have a PAN card. I applied for a PAN card immediately and then opened a new bank account.
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If you are someone who has very few financial transactions or has only low-value transactions, then it's okay even if you don't apply for a PAN card.