PAN Card Limit : Permanent Account Number Card (PAN Card) is a unique ten digit alphanumeric identifier issued by the Income Tax Department to individuals, companies and other entities. PAN card is used as a proof of identity and is required for various financial transactions, including opening a bank account, applying for a loan, filing income tax returns and making investments.
PAN card contains information like name, photograph, date of birth and PAN number of the holder. PAN number is unique to each cardholder and is used as a reference number for all financial transactions. PAN card is an essential document for anyone earning taxable income in India and failing to obtain it can lead to penalties and fines.
Can you hold more than one PAN card?
As per the rules and regulations laid down by the Income Tax Department, individuals are prohibited from having or holding more than one PAN card. Each person is allowed to have only one PAN card issued in their name, which is unique to them and cannot be transferred to anyone else.
Penalty for multiple PAN cards
If a person is found to have more than one PAN card, the IT department can initiate proceedings against them under section 272B of the Income Tax Act, 1961. Under this section, a person having more than one PAN card can be fined Rs 10,000.
Therefore, individuals should ensure that they have only one PAN card and surrender any additional PAN cards that they may have obtained inadvertently or otherwise.
Linking PAN with Aadhaar
The deadline for linking Permanent Account Number (PAN) with Aadhaar card has been extended to June 30, 2023. The Income Tax Department had earlier made it mandatory to link PAN with Aadhaar card by March 31, 2023.
