People in the nation are handed a number of significant documents. These documents can be used for a variety of purposes. PAN card is likewise included in these documents in the nation at the same time. PAN cards can be used to conduct financial transactions throughout the nation. The information obtained through PAN details is also used by the government to estimate tax obligations for individuals. However, there are some crucial PAN card issues that must be resolved as well, or else a punishment may be enforced.
PAN card
People should remember that it is illegal for anyone to possess a duplicate or more than one PAN card in the country. If a person has duplicate or additional PAN cards in this circumstance, he may be in serious trouble.
Duplicate PAN card
Anyone who has duplicate or additional PAN cards risks facing serious consequences. Actually, due to several applications, PAN cards are frequently issued twice. People ought to stay away from this circumstance. If detected, people may have to deal with a lot of challenges. Some people might have gotten the card from the IT department, while others might have gotten it through the companies who were hired to do the work for them.
People may have to cancel one of their PAN cards in such a circumstance.
Some persons might submit applications for multiple PANs in an effort to defraud the authorities or save money. These are serious offenses that will result in penalties. Holding more than one PAN is strictly prohibited, and doing so will result in a Rs 10,000 fine from the government. Section 272B of the Income Tax Act was used to issue this fine.
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