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.
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.
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.
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.
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.
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