PAN or Permanent Account Number is a unique ten-digit alphanumeric identifier that is issued by the Income Tax Department to individuals, companies, and other entities. The PAN Card is a proof of identity and is much needed for financial transactions like opening a bank account, loan application, and income tax filing, among others.
The PAN card stores a lot of information about the holder including their name, photograph, date of birth, and PAN number. The PAN number is unique to each cardholder and is used as a reference number for all financial transactions.
Can a person keep multiple or more than one PAN Card?
According to the rules of the Income Tax Department, a person cannot possess more than one PAN card. Each individual has permission to have only one PAN Card issued in their name, unique to them.
If you have more than one PAN Card, there will be penalties and legal consequences as it is considered a violation of the Income Tax Act.
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What is the penalty if you have more than one PAN Card?
If a person possesses more than one PAN Card, the IT Department may initiate proceedings against them under Section 272B of the Income Tax Act, 1961. A penalty of Rs. 10,000 can be imposed on the individual under this act.
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Linking of PAN with Aadhaar card, a step-by-step guide
An individual, without fail, has to link their PAN with their Aadhaar card by July 1, 2017.
If you are yet to link the PAN Card with your Aadhaar card, you have time to do so by June 30, 2023. Otherwise, you will not be able to use the same from July 1, 2023.
Once the PAN Card holders cross the deadline, the 10-digit unique alphanumeric number or PAN Card will become inoperative.
