Every person has a business or profession with total sale, turnover, or gross receipts that are likely to exceed Rs 5 lakh in any previous year has to obtain a PAN card.
New Delhi: Permanent Account Number (PAN) is a ten-digit unique alphanumeric number issued by the Income Tax Department. The laminated plastic card popularly known as PAN card is an important financial document.
Every person has a business or profession with total sale, turnover, or gross receipts that are likely to exceed Rs 5 lakh in any previous year has to obtain a PAN card. Additionally, every person who wants to carry on a specified financial transactions in which quoting of PAN is mandatory must also obtain a PAN card.
Read more:TAN vs PAN: What is Tax Deduction Account Number? Know how to apply
Penalty up to Rs 10,000 for having more than one PAN
However, a person can only have one PAN. Obtaining or possessing more than one PAN is against the law and may attract a penalty up to Rs 10,000. Therefore, it is advisable not to obtain/possess more than one PAN.
Read more:PAN Card Update: Now PAN cards can be made before the age of 18 years; here’s how
What to do if you have more than one PAN?
You must fill and submit PAN Change Request application form by mentioning the PAN which you are using currently on top of the form. All other PAN/s inadvertently allotted to you should be mentioned at item no. 11 of the form and the corresponding PAN card copy/s should be submitted for cancellation along with the form.
