(*2*)Individuals ought to be certain that they possess just one PAN Card
As per the foundations and laws set by the Income Tax Department, people are prohibited from possessing or holding multiple PAN Card.
PAN or Permanent Account Number Card is a novel ten-digit alphanumeric identifier issued by the Income Tax Department to people, firms, and different entities. The PAN Card is used as a proof of identification and is required for numerous monetary transactions, together with opening a checking account, making use of for loans, submitting revenue tax returns, and making investments.
The PAN Card incorporates data such because the holder’s title, {photograph}, date of delivery, and PAN quantity. The PAN quantity is exclusive to every cardholder and is used as a reference quantity for all monetary transactions. The PAN Card is an important doc for anybody who earns a taxable revenue in India, and failure to acquire one may end up in penalties and fines.
Can You Keep More Than One PAN Card?
As per the foundations and laws set by the Income Tax Department, people are prohibited from possessing or holding multiple PAN Card. Each particular person is allowed to have just one PAN Card issued of their title, which is exclusive to them and can’t be transferred to anybody else.
Having multiple PAN Card can result in authorized penalties and penalties, as it’s thought-about to be a violation of the Income Tax Act. It also can trigger confusion within the revenue tax data, making it tough for the authorities to trace a person’s tax funds and filings precisely.
Penalty For More Than One PAN Card
If a person is discovered to own multiple PAN Card, the IT Department might provoke proceedings in opposition to them beneath Section 272B of the Income Tax Act, 1961. As per this part, a penalty of Rs. 10,000 might be imposed on the person for possessing multiple PAN Card.
Therefore, people ought to be certain that they possess just one PAN Card and to give up any further PAN Cards that they could have acquired inadvertently or in any other case.
Linking of PAN With Aadhaar
The Finance Act, 2017 had inserted a brand new part 139AA within the Income Tax Act, 1961, requiring each one who is eligible to acquire Aadhaar to cite his/her Aadhaar quantity whereas making use of for PAN or furnishing return of revenue with impact from July 1, 2017.
If you might be but to hyperlink the PAN Card with Aadhaar, then you’ll want to hyperlink them by June 30, 2023. Otherwise, you won’t be able to make use of the identical from July 1, 2023.
Once the PAN Card holders miss this deadline, the 10-digit distinctive alphanumeric quantity will develop into inoperative.
Fees For PAN Aadhaar Link
The prescribed charge was Rs 500 until June 30, 2022 and Rs 1000 is being charged from July 01, 2022 to June 30, 2023 in a single challan which will probably be relevant earlier than submission of Aadhaar-PAN linkage request on e-filing portal.
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