Why ought to there be no duplicate PAN card? Is that this authorized?


What’s PAN? Who ought to have PAN?

In line with the Earnings Tax Division of India, PAN i.e. Everlasting Account Quantity is a 10-digit alpha numeric quantity assigned to an individual who applies for PAN or whom the division allots with out utility. Earnings Tax Division reserves the suitable to acknowledge and allot PAN to any individual or assessee. PAN identifies a person within the Earnings Tax Division.

Each transaction like tax fee, return of revenue, specified transactions, TDS/TCS credit score, correspondence is linked with the Earnings Tax Division by means of PAN. The Authorities of India has made PAN (Everlasting Account Quantity) as an identifier for tax with the Earnings Tax Division. PAN is an allotted quantity and PAN card is a bodily laminated card with a ten digit alphanumeric quantity, date of difficulty (as per latest replace), date of beginning, title, signature of the person. It’s necessary to cite each transaction with the Earnings Tax Division from 1st January 2005. The Earnings Tax Division has a protracted record of economic transactions that must be linked to your PAN. Linking PAN with Aadhar card is a compulsion in India as properly.

In line with the Indian Earnings Tax Division, Part 139A of the Earnings Tax Act, 1961 lays down the framework for PAN, Rule 114 of the Earnings Tax Guidelines, 1962, Type 49A or 49AA lays down the style of making use of for PAN, Rule 114B, Rule 114C can also be adopted by the division. There’s additionally a rule of punishment if an Indian doesn’t comply with part 139A. Therefore its completely clear PAN is authorized. PAN stands for Earnings Tax Return and isn’t thought-about as a proof of Indian citizenship.

Why should there be no duplicate PAN card?  Is this legal?

Why ought to there be no duplicate PAN card? Is that this authorized?

As per native analysis many individuals by chance find yourself with a number of PANs which turns into a punishable act even with out their data, a key purpose why people/company entities have a couple of PAN card, in some circumstances Re-application of PAN.

Not many individuals know that correction of PAN is completely completely different from re-application. Typically folks reapply for PAN a number of instances resulting from numerous causes like change of title/change in date of beginning or delay in supply of earlier PAN utility and find yourself with a number of PAN playing cards. India is closely populated and there are people who find themselves not aware of PAN and its utility.

  • To keep away from paying tax and to avoid wasting earnings to cheat the federal government which is completely unlawful.
  • Re-application of PAN card, NRIs on their arrival in India find yourself with a number of playing cards to avail steady transaction providers. After marriage ladies normally change their surname and apply for brand new PAN as an alternative of title correction.
  • An individual can have just one PAN card and one PAN isn’t allotted to 2 folks even when they’re associated. Nationwide Securities Depository Restricted (NSDL) supplies on-line providers associated to utility and modification of PAN.

In line with the Earnings Tax Division there can’t be a couple of PAN card, i.e. no a number of or duplicate PAN card is allowed by the Authorities of India. If an individual has a PAN card then an individual can not apply for an additional PAN card.

There shouldn’t be a replica PAN card as a result of:

1. Part 272B of the Earnings Tax Act 1961 is relevant to the person in case of a number of/duplicate PAN playing cards, through which case an enormous quantity (Rs.10,000/-) is levied a nice.

2. It’s unlawful to have a replica PAN card:

Part 139A (7) of the Earnings Tax Division says:
Any one who has already been allotted a Everlasting Account Quantity underneath the brand new sequence shall not apply for, obtain or possess one other Everlasting Account Quantity.

In case you have a couple of card, then the individual ought to give up the duplicate PAN card. Many people/entities have a number of PANs to evade tax, the Earnings Tax Division has each proper to take speedy authorized motion with none discover.

3. Monetary transactions/processes are finished on the subject of PAN, PAN can present any sort of tax fee/transaction associated knowledge, a super PAN profile could be helpful for a person for numerous finance associated capabilities within the banking sector Having a number of PANs can confuse and mess up the monetary processes, even treating you as a fraud.

If people/company entities have duplicate PAN card, NSDL which supplies all providers on-line will assist you to eliminate duplicate PAN card and give up PAN card. In line with the Earnings Tax Division, each on-line and offline (Type 49A) procedures can be found to give up the duplicate PAN. It is usually necessary to unfold data about PAN, PAN card, keep away from duplicate PAN card.

conclusion:

conclusion:

As per Earnings Tax Division in India it’s unlawful to have a couple of PAN card, if an individual/entity has a couple of PAN then it’s endorsed to give up the cardboard to keep away from penalty/authorized motion.



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