Apply for a PAN Card: In India, there are many important documents. The PAN card can be used to complete a variety of financial tasks. According to the Income Tax Department, everyone must have a Permanent Account Number (PAN), which is a unique ten-digit alphabetic number. Despite this, many people are unaware of the significance of the PAN card. Additionally, there are some essential PAN-related subjects that every Indian citizen should be aware of. One thing about PAN cards is kept in mind above all else when discussing these significant subjects.
Can’t do this work
PAN cards are actually issued to individuals in India, but each individual is only permitted to receive one PAN card. No one may possess multiple PAN cards, duplicate PAN cards, or more than one PAN card. That person might also be charged a fine for doing so. Describe how the PAN card includes the cardholder’s name, date of birth, and photo in addition to the PAN number.
May be fined
A person is only permitted to hold one PAN, according to the Income Tax Department website (www.incometaxindia.gov.in). Once a PAN has been assigned, a person cannot request another PAN. Section 272B of the Income Tax Act of 1961 allows for the imposition of a fine of Rs 10,000 for holding more than one PAN in such circumstances.
Avoid the fine
There is a way to prevent this as well, though. According to the Income Tax Department, if a person has received more than one PAN, he must immediately return the extra PAN card. Any fines of any kind can also be avoided in this way.
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