Having two PAN cards can get expensive! avoid getting this punishment

As per the rules set by Income Tax, no person is allowed to make or hold more than one PAN cards.

No one is permitted to

create or own more than one PAN card, per Income Tax regulations. A PAN card is required for all purposes, including filing income tax returns, taking out a loan, and opening a bank account. The PAN card has a 10-digit alphanumeric number on it. The Income Tax Department is the one who issues it. However, are you aware that you could run into issues with this PAN card? Indeed, it is against the Income Tax Department’s regulations for anyone to apply for or own several PAN cards. Each individual is only eligible to have one PAN card issued in their name, and they cannot give it to another person.

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. Because it is more difficult for the Income Tax Department to accurately calculate a person’s tax payment and follow their filing when they have multiple PAN cards.

By

section 272B of the Income Tax Act, 1961, the IT department may take legal action against an individual who is discovered to possess several PAN cards. A person who has more than one PAN card may be subject to a fine of Rs 10,000, per this provision. As a result, you need to make sure you only own one PAN card. You should turn in any extra PAN cards that you may have unintentionally obtained.

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