The Permanent Account Number (PAN) card is a unique identity, which is very important in any kind of financial transaction. The PAN card has an alphanumeric 10 digit number, which is determined by the Income Tax Department. This process comes under the Central Board of Direct Taxes (CBDT). PAN is also important for filing income tax returns.
You should know why PAN card is important for you. During Aadhaar tax return filing, your Aadhaar must be linked with PAN. According to the Income Tax Department, PAN cards have to be given for cash purchases of bank drafts, pay orders or bankers checks of Rs 50,000 or above in a day.
If you have two PAN cards and you are caught during investigation, then you can be fined up to Rs 10,000. Apart from this, your bank account may be frozen. To avoid this, you will have to submit the second PAN card to the department immediately. There is also a provision for this in section 272B of the Income Tax Act of 1961.
The process of submitting your PAN is simple. This can be done in different ways. You can access the form to submit the PAN card by visiting the website and clicking on the link “Request for New PAN Card or/and Change or Correction in PAN Data”. Fill the form and return it to any NSDL office.
