Income Tax Issued Alert: Permanent Account Number (PAN) card is a kind of identification that is important in any financial transaction. The Income Tax Department prescribes a 10-digit alphanumeric number on the PAN card. The Central Board of Direct Taxes (CBDT) takes care of this process. PAN is also required while filing tax returns.
You should be aware of the importance of your PAN card. While filing your Aadhaar tax return, your Aadhaar should be linked to your PAN. Pan card is required by the Income Tax Department for bank drafts, payment orders, or cash transactions of banker’s cheques totaling Rs 50,000 or more in a single day.
If you are caught with two PAN cards during any kind of checking, then you can be fined up to Rs 10,000. Apart from this, your bank account can also be frozen. To avoid this, you have to send the second PAN card to the department as soon as possible. It is also provided in Section 1961B of the Income Tax Act 272.
Process of submission of PAN
The process of submitting your PAN is straightforward. This can be accomplished in a variety of ways. Go to the website and click on the ‘Request for new PAN card or/and change or correction in PAN data’ link to access the PAN card submission form. Fill out the form and mail it to any NSDL location.
