PAN card is one of the many important documents in India. Many financial tasks can be settled with the help of PAN card. According to Income Tax Department Permanent Account Number (PAN) is a unique ten digit alphanumeric number which is a mandatory for every individual. Although many people do not know the importance of PAN card. There are also some important topics related to PAN that one should know as an Indian. Out of these important topics, one thing is kept very much in mind regarding PAN card.
can’t do this work
Actually, PAN cards are issued to people in India, but only one PAN card can be issued to any person. No person can hold more than one PAN card or multiple PAN cards or duplicate PAN cards. For doing so, that person may also have to pay a fine. Explain that the PAN card contains the PAN number and the cardholder’s name, date of birth and photograph.
may be fined
According to the Income Tax Department website (www.incometaxindia.gov.in), a person cannot hold more than one PAN. If a person is allotted a PAN, he cannot apply for another PAN. In such a situation, a fine of Rs 10,000 can be imposed on that person under section 272B of the Income Tax Act 1961 for holding more than one PAN.
avoid the fine
However, there is a way to avoid this as well. The Income Tax Department says that if a person has been allotted more than one PAN, then he should immediately surrender the additional PAN card. In this way, any kind of fine can also be avoided.