New Delhi: The Permanent Account Number (PAN) card is a one-of-a-kind identification that is crucial in any financial transaction. The Income Tax Department determines the alphanumeric 10 digit number on the PAN card. The Central Board of Direct Taxes is in charge of this procedure (CBDT). PAN is also required while submitting tax returns.
You should be aware of the significance of your PAN card. Your Aadhaar must be linked to your PAN when filing your Aadhaar tax return. PAN cards are required by the Income Tax Department for cash transactions of bank drafts, pay orders, or banker’s checks totaling Rs 50,000 or more in a single day.
If you are caught with two PAN cards during an investigation, you could face a punishment of up to Rs 10,000. Your bank account may be frozen in addition to this. To avoid this, you must send the second PAN card to the department as soon as possible. Section 272B of the Income Tax Act of 1961 also contains a provision for this.
The procedure for submitting your PAN is straightforward. This can be accomplished in a variety of ways. Visit the website and click on the link “Request for New PAN Card or/and Change or Correction in PAN Data” to access the form to submit the PAN card. Fill out the form and mail it to any NSDL location.