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Permanent Account Number or PAN is a means of identifying individual taxpayers. A PAN card is a 10-digit unique identification alphanumeric number issued to Indians, mostly to those who pay taxes. PAN is allotted to an entity or individual by the Income Tax Department. PAN is a number, PAN card is a physical card containing the PAN number along with the name, date of birth, father’s or spouse’s name, and photo.
A copy of the PAN card can be presented as proof of identity or date of birth. But many times it is seen that people get more than one PAN card made, but whether it is legally valid or not. Many people do not know this. Let us get information related to the validity of PAN cards here.
What does the income tax rule say
According to section 139A (7) of the Income Tax Act, no person can apply for, hold, or obtain more than one Permanent Account Number or PAN under the new series. According to BankBazaar, a person should not have more than one PAN card. This is not legal. However, it is not illegal to have two physical copies of the same PAN card number. The second copy will be considered a duplicate copy.
Holding more than one PAN can also attract a penalty. Under Section 272B of the Income Tax Act, holding multiple PANs attracts a penalty of Rs 10,000, which is determined by the assessing officer. Defaulters get an opportunity to explain themselves, and this section also applies to providing incorrect PAN details.
Why PAN is important
A PAN card is important for taxpayers as it is required for all financial transactions and is used to track the movement of your money. It is important when paying income tax, receiving tax refunds, and receiving communication from the Income Tax Department. The Income Tax Department also recommends linking PAN with Aadhaar.
