What will happen if you keep 2 PAN Cards? | Pan Card Regulations | Jagran Business- Watch Video

PAN Card is one of the most important documents related to financial matters. Without this, a person cannot do any kind of bank transaction, loan application, online payment, filing income tax return and investment etc. Apart from this, it is also used as a proof of identity. It is a 10 digit unique alphanumeric number, which is registered by the Income Tax Department. Because of this, a special PAN card is issued for each individual.

Can more than one PAN card be kept?

PAN card has a unique number and every person is issued only one PAN card in his name. Also, it cannot be transferred. According to the Income Tax Department, every person should have only one PAN number. It is illegal for an individual or company to have more than one PAN number. If caught, the Income Tax Department can take legal action or impose a monetary penalty.

Penalty for Keeping More than One PAN Card 

If a person holds more than one PAN card, action is taken under section 272B of the Income Tax Act, 1961. Under this section, a person having more than one PAN card can be fined Rs 10,000. In case of more than one PAN card, the person should surrender the second PAN card.