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Holding more than one PAN Card if an offence

The income-tax Act, of 1961 says a person cannot hold more than one PAN. A penalty of Rs. 10,000/- is liable to be levied under section 272B of the act for having more than one PAN. If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s).

Why person hold more than one pan card?

Having multiple Permanent Account Numbers (PAN) is illegal in India as it is a unique identifier for individuals, companies, and other entities for tax purposes. The government has made it mandatory to quote PAN on various financial transactions to track and monitor financial activities and prevent tax evasion.

However, there can be instances where an individual or an entity may end up having more than one PAN card due to errors in the PAN application process, incorrect spelling of the name, or other such reasons.

Having multiple PAN cards is a serious violation of tax laws and can attract penalties, fines, and even criminal charges. The government has launched various initiatives to track and identify individuals and entities with multiple PAN cards and take necessary legal action.

Therefore, it is advisable to ensure that you have only one PAN card and surrender any duplicate PAN cards in your possession to the Income Tax Department.

What are the steps taken government to stop these multiple pan card holders?

The government of India has taken several steps to prevent individuals and entities from holding multiple Permanent Account Numbers (PAN) cards, which is illegal. Some of the steps taken are:

These steps taken by the government have helped in reducing the number of individuals and entities holding multiple PAN cards and ensuring the integrity of the PAN system.

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What was the day that the PAN card started in India?

The Permanent Account Number (PAN) card was introduced in India on July 1, 1975, by the Income Tax Department. It is a 10-digit alphanumeric identifier issued to individuals, companies, and other entities for tax purposes.

The PAN serves as a unique identification number and is mandatory for transactions above a certain limit, filing of tax returns, and various other financial transactions.

Why was Pan introduced by the government of India

The Permanent Account Number (PAN) was introduced by the government of India as a means of maintaining a central database of all financial transactions conducted by individuals and organizations in the country. The PAN serves as a unique identifier for taxpayers and enables the government to track and monitor financial transactions, thereby preventing tax evasion and fraud.

By having a PAN card, the government can track an individual's or organization's financial transactions and ensure that taxes are paid accurately and on time. The PAN system also helps in reducing the likelihood of multiple PAN cards being issued to the same individual or organization, thereby increasing the efficiency of tax administration and compliance.

In summary, the PAN was introduced by the government of India to improve tax administration, increase transparency and accountability in financial transactions, and prevent tax evasion and fraud.

Types of PAN Card

Permanent Account Number (PAN) cards in India are issued in the form of laminated plastic cards, commonly known as PAN cards. There are four types of PAN cards in India:

Individual PAN: This type of PAN is issued to individuals, including sole proprietors, partners in a partnership firm, and directors of a company.

Hindu Undivided Family (HUF) PAN: This type of PAN is issued to Hindu Undivided Families.

Association of Persons (AOP) PAN: This type of PAN is issued to unincorporated associations, clubs, societies, and trusts.

Company PAN: This type of PAN is issued to companies, including private limited companies, public limited companies, and limited liability partnerships.

NRI Pan card : PAN Application Form 49AA For NRI/Foreigner/Individuals not being a Citizen of India/Entities incorporated outside India

Each PAN card is unique and linked to the individual, company, or entity to which it is issued, and is valid for the lifetime of the taxpayer.

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Which is the best zero-balance account in India? — PAN Card apply

The best zero-balance account in India depends on individual needs and preferences, as different banks offer different features and services with their zero-balance accounts. Some popular options for zero-balance accounts in India include:

Jan Dhan Yojana Account: This is a government-sponsored account that offers free zero-balance savings accounts with benefits such as insurance and overdraft facilities.

AADHAAR Enabled Payment System (AePS) Account: This is another government-sponsored zero-balance savings account that offers basic banking services through the Aadhaar platform.

BHIM UPI-based Bank Account: This is a zero-balance account linked to the BHIM UPI platform that allows for instant money transfers and bill payments.

Digital Bank Accounts: Many digital banks in India offer zero-balance accounts with added benefits such as high-interest rates, cashback, and discounts on digital transactions.

Basic Savings Bank Deposit Account: Many traditional banks in India offer basic savings account with zero balance requirements, although they may charge fees for certain services.

Ultimately, the best zero balance account will depend on the individual’s specific financial needs and preferences. It’s a good idea to compare the features and fees of different accounts and choose the one that best meets your needs.

Documents to open a bank account

The following documents are typically required to open a bank account in India:

Proof of Identity (POI) — this could be a PAN Card passport, voter ID card, Aadhaar card, driving license, or any other government-issued photo ID.

Proof of Address (POA) — this could be a utility bill, bank statement, voter ID card, Aadhaar card, driving license, or any other government-issued photo ID.

Proof of Date of Birth (DOB) — this could be a birth certificate, 10th standard certificate, passport, or Aadhaar card.

Two recent passport-sized photographs

PAN Card: A PAN card is required to open most types of bank accounts in India.

It is important to note that the required documents may vary depending on the type of account being opened and the specific requirements of the bank. Additionally, all documents must be original or certified copies and should be submitted along with a filled-out bank account opening form.

It is always advisable to check with the bank directly for the latest and complete list of required documents.

Originally published at https://www.pancardapplyonline.com on February 3, 2023.

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Which bank is better for a current account, ICICI or HDFC?

It's subjective to determine which bank is better for a current account as it depends on individual needs and preferences. Both ICICI Bank and HDFC Bank are leading private sector banks in India and offer competitive services and features for current accounts.

It's advisable to compare the services, fees, interest rates, and other factors offered by both banks and choose the one that suits your specific requirements.

Document required to open a current account?

The following documents are typically required to open a current account in India:

Note: The specific documents required may vary depending on the bank and the type of current account being opened. It's advisable to check with the bank for their specific requirements before visiting the branch.

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What are the documents required for NRI pancard? 1) Passport 2) 2 PASSPORT size photo 3) OCI 4) Recent bank statement

#Applyonline#PanCard#NRI#india#onlineservice

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I want to change the name on the pan card from Sujatha Raghava Poduval to Sujatha. M.K. how can I do it? If it is possible to change the name with a short form on the pan card?

Yes it's possible to keep a short form in the PAN Card display name

However, in ITD Database or PAN Card database, your name appears full form

You can use our website to apply PAN Card for a name change here is the link to click https://www.pancardapplyonline.com/corrections-in-pan-card

Option 1

Surname K******

First name Sujatha

Middle Name M (Single character allowed in middle name only)

Option 2

Surname K******

First name Sujatha

Middle Name M******* (Abbreviation of M)

Name Printed on card You can Keep Sujatha. M.K

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When you do not have PAN Card Number

Needs the visit nearest income tax department to get the PAN Details

or

If you are a working person you can check in form 16,

You can visit the bank and request the PAN Details in case you have given them while opening a bank account they will give, or

in the income tax return copy, you can find out the PAN Number

Once you have received the PAN Number you can apply by using CSF Form

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What should I do if my PAN card doesn't have a signature?

In case you got an instant PAN No sign will be.

When you need a signature to apply with Request For Changes Or Corrections in PAN Card ITD Database/ Lost or Damaged

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After 31st March 2022, onwards Pan Aadhaar linking counted Late fees.If you linked it before 30th June fee was 500. If you are linking now then it will cost 1000How to link aadhaar and

PAN Card

Step OneVisit the income tax

website

Click the menu

Link Aadhaar

Information:As per CBDT circular F. No. 370142/14/22-TPL dated 30th March 2022, every person who has been allotted a PAN as on 1st July 2017 and is eligible to obtain an Aadhaar number is required to link PAN with AADHAAR on or before 31st March 2022. Taxpayers who failed to do so are liable to pay a fee of Rs. 500 till 30th June 2022 and thereafter a fee of Rs. 1000 will be applicable before submission of the PAN-AADHAAR linkage request.

Please pay the application fee of Rs. 1000 through the e-Pay Tax service to proceed with the submission of the Aadhaar-PAN linking request. Click here for payment-related information

In case payment is already done on the Protean (NSDL) portal, please try linking after 4-5 working days from the date of payment.

Please make sure fee payment is done under Minor head 500 - Other Receipts(500) and Major head 0021 [Income Tax (Other than Companies)] in a single challan.

NoteThe following categories are exempted from Aadhaar-PAN linking(i) NRIs(ii) Not a citizen of India(iii) age > 80 years as of the date(iv) state of residence is ASSAM, MEGHALAYA or JAMMU & KASHMIRRefer to Department of Revenue Notification no 37/2017 dated 11th May 2017Link Aadhaar User Guide

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How can I get my PAN card number using my name and date of birth?

Now this Options removed from income tax portal one gave to visit income tax office to get it.

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How to fill name in PAN Card application by an applicant

Hello! We know many of you have confessed how to fill in the name in the pan card application. There is no difference between “offline and

https://www.pancardapplyonline.com/blog/how-to-fill/

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How can I change my PAN number?

One can not change the PAN number. Logic without aadhaar one can not apply pancard

Once applied by giving aadhaar, Pan and aadhaar will be linked. Next time pan portal doesn't allow you to apply again in new application. Any chance alloted with multiple PAN numbers should surrender with ITD

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What is the utility of PAN?

​PAN Card Number enables the department to link all transactions of the assessee with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence and so on. It facilitates easy retrieval of information of assessee and matching of various investments, borrowings and other business activities of assessee.​

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Whats is New Pan card

PAN Stands for Permanent Account number. Pan Card is a ten-digit alphanumeric number issued by the Income tax department. The first five digits are alphabetic, the next four digits are numbers the last digit is alphabetic. Ex AAAPA1111A