Income Tax Rules for pan card: What will happen if you have more than one pan card, know the rules of income tax

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Income Tax Rules for PAN card: There are many people in the country who have more than one Aadhar card. In such a situation, let us tell you that if someone has more than one PAN card then it is considered illegal. Income Tax Department takes strict action on this and also charges fine.

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PAN card is required for any financial work in the country. Without this, no person can do many things like bank transaction, ITR file, loan application etc. There is a special number in PAN card, it is called Unique Alphanumeric Number. It is of 10 marks. A special card is issued for each person.

How much is the fine-

If caught by the Income Tax Department, you are charged a fine of more than Rs 10,000. In this, action is taken under Section 272B of the Income Tax Act 1961. The person who has two cards has to surrender one card. You can get the card transferred in both online and offline mode.

PAN-Aadhaar Link-

The government has made it mandatory to link PAN number with Aadhaar. For this, the deadline of June 30, 2023 was set. If the PAN number is not linked to Aadhaar then the PAN card becomes inactive. In such a situation, you cannot use PAN card legally. If you get the PAN card linked then you will have to pay a challan for it.

If PAN number is not linked to Aadhaar, you will not get any tax refund. Along with this, the rates of TDS and TCS will also increase. You will have to pay more tax. If you are confused whether your PAN card is linked to Aadhaar or not, then you can check by visiting the official website of Income Tax.

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