By Ankur Gupta
Permanent Account Number (PAN) card is a crucial document for financial transactions, ranging from opening bank accounts to filing Income Tax Returns (ITR), but do you know about its validity period?
No, a PAN card is valid for a lifetime and can only be cancelled after death or updated with a death certificate.
The PAN card features a unique 10-digit alphanumeric number (e.g., ABCDE1495F), containing the card holder's information.
Having more than one PAN card is illegal and may lead to a fine of Rs 10,000 under the Income Tax Act, 1961.
If you have multiple PAN cards, surrender them offline or online to avoid penalties.
Obtaining a PAN card is simple! Apply online through the e-filing portal using your Aadhaar number and receive an e-PAN instantly, and then you can also order a physical card.
The 10-digit number describes much about you; for instance, 'ABCPG1234', in which the first three letters are arranged alphabetically serial-wise, the fourth and the fifth represent your category and surname, respectively, and the remaining is again random or sequence-wise.
National Securities Depository Limited (NSDL), an Indian central securities depository headquartered in Mumbai, manages and issues this vital document.