PAN Card (Permanent Account Number) is an ID card issued by the Income Tax Department in India which is an important document for the Income Tax Department.
PAN Card Update: Many important documents are issued to the people in the country. Different things can be done through these documents. At the same time, PAN card is also included in these documents in the country. Financial transactions can be completed in the country through PAN card. Also, the government relies on the information received through PAN details to determine the tax liability of the people. However, some important things regarding PAN card should also be taken care of, otherwise fine may also be imposed.
Actually, people should keep in mind that no one in the country has been allowed by law to have duplicate or more than one PAN card. In such a situation, if a person holds more than one or duplicate PAN card, then he may have to face serious problems.
Duplicate PAN Card
Anyone who has more than one or duplicate PAN card can be in big trouble. Actually, many times PAN card can be issued twice due to double application. In such a situation, people should avoid this situation. People may have to face a lot of difficulties if caught. Some individuals may have received the card from the IT department while others may have received it from agencies to whom the work was outsourced.
In such a situation, people will have to cancel one of their PAN cards. Some people may apply for more than one PAN with the intention of deceiving the government or saving money. These are gross violations and will attract fines. There are strict rules regarding holding more than one PAN, with the government imposing a fine of Rs 10,000 on anyone holding a duplicate PAN. This penalty has been imposed under section 272B of the Income Tax Act.