PAN card is a unique identity card called Permanent account number, which is very important in any kind of financial transaction. The PAN card has an alphanumeric 10 digit number, which is determined by the Income Tax Department. This process comes under the Central Board of Direct Taxes (CBDT). PAN is also important for filing income tax returns.
You should know why PAN card is important for you. During Aadhaar tax return filing, your Aadhaar must be linked with PAN. According to the Income Tax Department, PAN cards have to be given for cash purchases of bank drafts, pay-orders or bankers checks of Rs 50,000 or above in a day.
There will be a fine of Rs 10,000
If someone has two PAN cards, strict legal action can be taken against him. If someone has more than one PAN card, then he can be fined Rs 10,000 under the Income Tax Act, 1961. If you have more than one PAN card by mistake, then surrender one PAN card immediately. Before any legal action is taken against you, it is better to get rid of one of the PAN cards immediately.
Surrender in case there is more than one
First click on the NSDL website. – Now select PAN Correction Form. Fill your personal information in it, as soon as you submit this information, a new page will appear in front of you.
On filling the form, a token number will be generated and it will be visible to the applicant. This token number will also be sent on your e-mail ID or SMS given by you at the time of registration. At the top of the page, there is an option to submit scanned images via e-sign. After this, fill your personal details and the rest of the information. At the bottom of the next page, you have to give information about the second pan that you want to surrender.
Have made different pan for different work
Some people make different PAN cards for different work. Separate PAN work for Demat account and separate PAN card for filing payment and income tax return.
In addition, many people apply for a new PAN card if they lose their old PAN card. Because of this they have many PAN cards.
Whom to surrender
If different PAN cards have been created for Demat account and Income tax, then a PAN card will have to be surrendered. Surrender one of these PAN cards that you use for income tax. Surrender the second PAN card and send them the information of your original PAN.
What is the purpose of PAN
PAN card is used for all types of financial transactions. It requires income tax payment, opening a new bank account, receiving taxable salary, buying and selling property. It acts like an identity card but does not have an address, so it is not used as an address proof.
How to have a pan if not
PAN card application process is very easy. You can get PAN card online. For this you can fill all the forms online, but you have to post all the documents with the Income Tax Office. Only then will the application process be completed. After filling the form on the website, you send your application to the PAN Card Office. After this your application is processed and the card is sent to your home address.
Kalinga AI