PAN has now become necessary for all types of financial transactions. Many times the question arises in the minds of people that for how many days the PAN card remains valid. Most of the people do not know about the validity of PAN card.
New Delhi. PAN Card has become a very important document today. Not only does it come in handy in filing Income Tax Return (ITR), but it is now needed in almost all financial operations. PAN is now mandatory for all financial transactions. Also bank accounts and demat accounts cannot be opened without it. In this, many information related to the user including different codes and numbers are entered.
One big question is, does the PAN card also expire? Many times the question arises in the minds of people that for how many days the PAN card remains valid. Most of the people do not know about the validity of PAN card. But if you have got a PAN card made once, then you do not need to take any stress for its validity. Please note that once a PAN card is generated, it remains valid for life. It does not need to be rebuilt.
These are the information entered
In the PAN card is a 10-digit alphanumeric number. Alphanumeric numbers start with English alphabets. In the card it is recorded in capital. Apart from these, the user’s signature, photo and address are also recorded in the PAN card.
Penalty is levied for holding 2 PAN card
PAN card number cannot be changed. However, other information entered in the PAN card can be updated by the PAN card holder. According to section 139A of the Income Tax Act 1961, a person can hold a maximum of one PAN card. According to the seventh provision of this section, a person in whose name a PAN card has been allotted cannot apply for a new PAN card. Doing so is a violation of section 139A and for which a fine of up to Rs 10,000 can be imposed by the competent authority.
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