Income Tax Season: Does your PAN card has expiry date? Can you have more than one PAN cards? Get details
Pan Card Expiry: Like Aadhaar card (UID), PAN card is also an important document. It tracks a persons financial history and one needs it while filing the income tax return (ITR filing). It is also mandatory to link PAN card with Aadhaar. But, is there any expiry of PAN card? For how many days does the PAN card work as a valid document? How will you know it?
Income Tax Return (ITR) Filing: PAN Card is an important document that is used to track financial transactions of a person. From opening a bank account to filing Income Tax Return (ITR), PAN Card is a valid document. It is also used for KYC authentication for transaction purposes. PAN card is considered to be an important legal identity card. Even after Aadhaar card came into existence, it was made mandatory to link PAN Card with it to track the financial history of a person. But, is there any expiry of PAN Card? For how many days does PAN Card work as a valid document?
Who issues PAN card?
PAN card is issued by NSDL (National Securities Depository Limited).
PAN card is called a legal document since it tracks all your financial transactions.
PAN card is also used to prevent tax evasion as it has the data of one's transactions.
But, still it is important to know its validity, i.e., for how many days it remains valid.
PAN card validity duration
The validity of a PAN card is for a lifetime. A PAN card can be cancelled only after the death of a person or KYC can be updated at all the necessary places with the help of a death certificate.
A PAN card expires only after the death of a person.
A PAN card has a 10-digit alphanumeric number, which contains the information of the card holder.
Can a person have more than 1 PAN card?
Legally, a person can keep only one PAN card with them.
There government can impose a fine for keeping more than one PAN card.
It is illegal to have more than one PAN
According to the income tax rules, if anyone has more than one PAN and uses it, it is illegal.
Under the provisions of Section 272B of the Income Tax Act 1961, a fine of Rs 10,000 can be imposed for having more than one PAN card.
If you also have more than one PAN, you can surrender both offline and online.
How to get a PAN card made?
PAN card can be made online from home.
First of all, you have to go to the e-filing portal and click on 'Instant PAN through Aadhaar'.
After this, you have to select 'Get New PAN'. You will be asked for Aadhaar number and an OTP will be sent to the registered mobile number.
Once the OTP is validated, you will be issued an e-PAN. You can also order your physical card.
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