If you have more than one PAN Card, you may have to pay a heavy fine.

 

PAN Card is the most important financial identity card in India. The Income Tax Department of the country issues an alpha-numeric number of 10 digits. This is needed by any Indian taxpayer. Also, PAN Card is also mandatory for transactions or purchases over a certain amount. However, there are many people in the country who have more than one PAN Card. However, according to Income Tax Department rules, no person is allowed to have more than one PAN Card. Some people deliberately apply for a new PAN Card in case of CIBIL malfunction. At the same time, some people get a new PAN Card made to reduce tax liability.

 

Similarly, some people inadvertently keep more than one PAN Card. For example, in case of loss of PAN Card, some people apply for a new card instead of applying for duplicate and get a new card. At the same time, some women apply for a new PAN Card after marriage for any change in their name or surname.

                              

However, irrespective of the reason, it is illegal to have more than one PAN Card and the Income Tax Department can impose a fine of up to Rs 10,000 on you. Under Section 139A (7) of the Income Tax Act, a person who has already been allotted a PAN Card, cannot apply for a new permanent account number and cannot have more than one PAN Card. At the same time, under Section 272B of the Income Tax Act, a person not complying with Section 139A can be fined up to Rs 10,000.