Pan Card Update: In today’s time, a PAN card is considered a very important document. It is primarily used for financial transactions, banking, and tax-related work. Every PAN card contains the individual’s name and a unique PAN number. According to the rules, every person should have only one PAN card. However, if you have two PAN cards, or rather two PAN numbers, it can have serious legal consequences. Many people are unaware of what they should do in such a situation.
Is it legal to have two PAN cards?
📌 Also Read: If Your Expenses are 50,000 Today, How Much will You Need in 25 years? Understand the Calculation Here
In India, it is only legal for a person to have one PAN card. If a person is found to possess two PAN cards, it is considered a crime under the Income Tax Act. The Income Tax Department takes action in such cases, and the guilty person can be fined. According to Section 272B of the Income Tax Act, a fine of up to Rs. 10,000 can be imposed for possessing two PAN cards.
📌 Also Read: EPFO Makes Big Announcement, Pension for Retired Employees to Increase Fivefold, Know the Full Details
Jail time is also possible
It’s important to note that jail time is not applicable in every case. It applies when the second PAN card has been used for fraud, tax evasion, or a scam. If it is proven that the second PAN card was used for a crime, the guilty person can also face imprisonment.
📌 Also Read: EPFO Update - Wait’s over, PF employees to get Rs 54,000! Check via SMS
Why do people get two PAN cards?
Often, people obtain two PAN cards to evade taxes or conceal their true identity. By using a second PAN card, they try to hide their income or financial transactions from the tax department. Besides this, some people may also use it for fraud or scams.
📌 Also Read: Government Warning! Aadhaar Card Users Beware, These Mistakes Could Empty Your Bank Account
Read Here:Pandya smashes 34 runs in a single over, find out how many sixes he hit
What to do if you have two PAN cards?
📌 Also Read: DA Hike– DA may rise to 60% in January, government to announce soon
If you have accidentally or unknowingly obtained a second PAN card, there is no need to panic. You can easily surrender it. To do this, you need to visit the NSDL or UTIITSL website and fill out the “Request for Surrender of Duplicate PAN” form. After submitting the form, your second PAN card will be deactivated.