PAN Card i.e. Permanent Account Number is mandatory for every taxpayer. It is a ten-digit unique alphanumeric identification number. PAN card is used for various financial activities, such as payment of large amount, payment of tax, and opening a bank account. This card is allotted by the Income Tax Department of India.

Is it legal to have more than one PAN card?

Many people unknowingly get more than one PAN card, but it is illegal. According to Section 139A (7) of the Income Tax Act, no person can apply for or keep more than one PAN card. It is not legally correct to have more than one PAN card. If someone has more than one PAN card, they should immediately cancel one so that any legal problem can be avoided.

No person can have more than one PAN card, but two physical copies of the PAN card number can be kept. Out of which one copy is considered legal and the other copy is considered a duplicate.

How much fine will have to be paid-

Having more than one PAN card can lead to a heavy fine. Under section 272B of the Income Tax Act, those who have more than one PAN card will have to pay a fine of ten thousand rupees. If wrong information is given on the PAN card, then also a fine may have to be paid.

PAN card is necessary for taxpayers-

A PAN card is a mandatory document for all financial transactions. This makes it easy to track money transactions. PAN card is important while paying tax, in getting tax refund and for any communication from the Income Tax Department. Apart from this, the Income Tax Department has also made it necessary to link PAN card and Aadhaar card. Thus, PAN card serves as an essential tool in financial matters and tax related procedures.

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