Income Tax News: The citizens of the nation are issued a great deal of important documents. These documents can be used for a variety of purposes. PAN cards are also a part of these national documents at the same time. The PAN card is a means of completing financial transactions within the nation. In order to ascertain a person’s tax liability, the government also uses the data obtained from PAN details. But there are also some crucial PAN card matters that need to be attended to, or else a fine might also be assessed.
Illegality of Multiple PAN Cards
Actually, it’s important for people to remember that possessing multiple PAN cards is illegal in this country. If someone in this circumstance possesses multiple PAN cards or duplicates, he may encounter significant issues.
Consequences of Multiple PAN Cards
Anyone found to be in possession of multiple PAN cards may face serious consequences. In actuality, duplicate applications frequently result in the issuance of two PAN cards. People ought to stay away from this kind of situation. If discovered, people might have to deal with a lot of challenges. The card may have come from the IT department for some people, or it may have come from companies that were contracted out to handle the work.
Cancellation Process for Multiple PANs
People will have to cancel one of their PAN cards in such a scenario. Some people might submit multiple PAN applications in an effort to save money or fool the government. These are serious infractions that will result in penalties. There are severe regulations governing the possession of multiple PANs, and the government fines individuals who possess multiple PANs by Rs 10,000. The Income Tax Act’s section 272B has led to the imposition of this penalty.