PAN Card Update: PAN Card (Permanent Account Number) is an ID card issued by the Income Tax Department in India which is an important document for the Income Tax Department.
Income Tax: It is mandatory for every taxpayer to have a PAN Card, i.e. Permanent Account Number. It is a unique alphanumeric identification number of ten digits. PAN card is used for making many payments, tax payments and opening bank accounts. This card is issued by the Income Tax Department of India.
Is it legal to have more than one PAN card?
It is illegal to inadvertently create more than one PAN card. According to Section 139A (7) of the Income Tax Act, a person may apply for or hold more than one PAN card. It is legally improper to hold more than one PAN card. In order to avoid legal trouble, one should immediately cancel one of the PAN cards one has.
There can be two physical copies of the PAN card number, but one cannot keep more than one. One is the legal version and the other is the duplicate version.
Will I have to pay a fine?
Having more PAN cards can attract a heavy penalty. According to section 272B of the Income Tax Act, a person having more than one PAN card will have to pay a fine of ten thousand rupees. A penalty can also be levied for providing incorrect information on the PAN card.
Taxpayers need PAN card
PAN card is mandatory for all financial transactions. It makes it easier to keep track of money. PAN card is necessary when making tax payments, as well as for receiving tax refunds and contacting the Income Tax Department. The Income Tax Department has also made it mandatory to link Aadhaar card and PAN card. Therefore, PAN card is an essential tool in financial matters and tax-related processes.
If PAN card is lost, do this work immediately
If your PAN card is stolen or lost, do not take it lightly. Many times fraudsters use stolen PAN in illegal financial transactions. In such cases, the real PAN holder may have to face problems. If your PAN is stolen, immediately file a police report. Also, inform the Income Tax Department and the bank about it.
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