Issues with Holding Multiple PAN Cards
PAN card is an important document for everything from opening a bank account to taking a loan or filing income tax returns. A 10-digit alphanumeric number is recorded on the PAN card. It is issued by the Income Tax Department. But do you know that this PAN card can create problems for you?
Yes, as per the rules set by the Income Tax Department, no person is allowed to make or hold more than one PAN card. Every person can get only one PAN card issued in his name and it cannot be transferred to anyone.
In such a situation, if you have more than one PAN, then it is a violation of the Income Tax rules and you can be fined. Because having more than one PAN card makes it difficult for the Income Tax Department to calculate a person’s tax payment and track the filing properly.
If a person is found to have more than one PAN card, the IT department can initiate proceedings against him under section 272B of the Income Tax Act, 1961. According to this section, a person can be fined Rs 10,000 for having more than one PAN card.
Therefore, you should ensure that you have only one PAN card. If you have inadvertently got an extra PAN card made, then you should surrender it.