PAN Card (Permanent Account Number) is an ID card issued by the Income Tax Department in India that serves as a crucial document for the IRS.
PAN Card Update: Throughout the country, many vital documents are issued to citizens. These documents can be used for a variety of purposes. At the same time, the PAN card is incorporated in the country’s documentation. PAN cards can be used to perform financial transactions in the country. Furthermore, the government relies on the information obtained through PAN details to evaluate people’s tax liability. However, several key aspects of the PAN card must also be addressed, or a punishment may be imposed.
PAN number
People should remember that no one in the country is permitted by law to have duplicate or more than one PAN card. If a person has more than one or duplicate PAN card in such a case, he may face major complications.
PAN Card Duplicate
Anyone with more than one or duplicate PAN cards may face serious consequences. In fact, due to duplicate applications, PAN cards are frequently issued twice. People should avoid this circumstance in such a case. If caught, they may face a slew of issues. Some people may have received the card from the IT department, while others may have received it through agencies that handled the work.
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People will have to cancel one of their PAN cards in such a case. Some persons may file for many PANs in order to deceive the government or save money. These are serious offences that will result in fines. There are tight laws about having more than one PAN, with the government imposing a Rs 10,000 fee on anyone who has a duplicate PAN. This penalty was levied in accordance with Section 272B of the Income Tax Act.
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