PAN Card Rules: As you must know that PAN card is an important document for financial transactions. PAN card is necessary for banking and other purposes. Without this you cannot get any financial work done.
This card is provided with a 10 digit unique alphanumeric number, which is issued by the Income Tax Department. However, still there are many people who keep more than one PAN card with them. Even if the reason is your first PAN card being lost or damaged, what is the right thing to do in such a situation? Let us know.
For whom is PAN card necessary?
Although it is very important for everyone to have a PAN card in India, but there are still some who do not have a PAN card. However, PAN card has been made mandatory for banking or other financial purposes. Especially those people whose annual income is more than Rs 2.5 lakh and they file ITR, they must have a PAN card. It is considered an essential document for filing income tax returns. It is through this card that the Income Tax Department also tracks the financial condition of the people.
Is it right to have more than one PAN card?
Can a PAN card, which is used for financial transactions and as an identity proof, be held more than once? The answer is- no. Actually, according to law, a person should have only one PAN card. Holding more than one PAN card is considered illegal. Legal action can be taken by the Income Tax Department against such people or institutions. In such a situation, you may have to pay jail or heavy fine.
What to do if PAN card is lost or damaged?
If your PAN card is lost or damaged, then you can contact the Income Tax Department. If you know your unique number, you can download the PAN card from the portal. Whereas, in case of loss of PAN card, first complain to the police station, after that you can apply for PAN card.