Income Tax issued alert: Permanent Account Number (PAN) card is a kind of identification which is important in any financial transaction. The Income Tax Department assigns a 10 digit alphanumeric number on the PAN card. The Central Board of Direct Taxes (CBDT) looks after this process. PAN is also required while submitting the tax return.
You must be aware of the importance of your PAN card. Your Aadhaar must be linked to your PAN while filing your Aadhaar tax return. PAN card is required by the Income Tax Department for cash transactions of bank drafts, pay orders, or banker’s checks aggregating to Rs 50,000 or more in a single day.
If you are caught with two PAN cards during any type of checking, 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. There is also a provision for this in section 272B of the Income Tax Act, 1961.
PAN submission process
The process of submitting your PAN is straightforward. This can be accomplished in various ways. Visit the website and click on the link ‘Request for New PAN Card or/and Changes or Correction in PAN Data’ to access the PAN Card submission form. Fill the form and mail it to any NSDL location.
