PAN Card Limit: What To Do If You Have 2 PAN Cards? Know Penalty And Other Details

 


As per the rules and regulations set by the Income Tax Department, individuals are prohibited from possessing or holding more than one PAN Card.

Read More:- Petrol, Diesel Prices Today: Check Latest Rates On April 22 In Delhi NCR And Other Cities

PAN or Permanent Account Number Card is a unique ten-digit alphanumeric identifier issued by the Income Tax Department to individuals, companies, and other entities. The PAN Card is used as a proof of identity and is required for various financial transactions, including opening a bank account, applying for loans, filing income tax returns, and making investments.

The PAN Card contains information such as the holder’s 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. The PAN Card is an essential document for anyone who earns a taxable income in India, and failure to obtain one can result in penalties and fines.

Read More:– Do You Love Travelling? Know Why Travel Insurance Is Important

Can You Keep More Than One PAN Card?

As per the rules and regulations set by the Income Tax Department, individuals are prohibited from possessing or holding more than one PAN Card. Each individual is allowed to have only one PAN Card issued in their name, which is unique to them and cannot be transferred to anyone else.

Having more than one PAN Card can lead to legal consequences and penalties, as it is considered to be a violation of the Income Tax Act. It can also cause confusion in the income tax records, making it difficult for the authorities to track an individual’s tax payments and filings accurately.

Read More:– Do You Love Travelling? Know Why Travel Insurance Is Important

Penalty For More Than One PAN Card

If an individual is found to possess more than one PAN Card, the IT Department may initiate proceedings against them under Section 272B of the Income Tax Act, 1961. As per this section, a penalty of Rs. 10,000 can be imposed on the individual for possessing more than one PAN Card.

Therefore, individuals should ensure that they possess only one PAN Card and to surrender any additional PAN Cards that they may have acquired inadvertently or otherwise.

Also Read– Indian Railways’ Bharat Gaurav tourist train starts service for Ganga Pushkarala Yatra – Details Inside

Linking of PAN With Aadhaar

The Finance Act, 2017 had inserted a new section 139AA in the Income Tax Act, 1961, requiring every person who is eligible to obtain Aadhaar to quote his/her Aadhaar number while applying for PAN or furnishing return of income with effect from July 1, 2017.

If you are yet to link the PAN Card with Aadhaar, then you need to link them by June 30, 2023. Otherwise, you will not be able to use the same from July 1, 2023.

Once the PAN Card holders miss this deadline, the 10-digit unique alphanumeric number will become inoperative.

Read More:-Mankind Pharma IPO to open for subscription on 25 April. Details here

Fees For PAN Aadhaar Link

The prescribed fee was Rs 500 till June 30, 2022 and Rs 1000 is being charged from July 01, 2022 to June 30, 2023 in a single challan which will be applicable before submission of Aadhaar-PAN linkage request on e-filing portal.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more