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The Permanent Account Number (PAN) card is a unique identity, which is very important in any type of financial transaction. The PAN card has a 10-digit alphanumeric number, which is determined by the income tax service. This process is the responsibility of the Central Commission for Direct Taxes (CBDT). The PAN is also important for filing income tax returns.
You need to know why the PAN card is important to you. When filing the Aadhaar tax return, your Aadhaar must be linked to PAN. According to the Income Tax Department, PAN cards must be surrendered for cash purchases of bank drafts, payment orders or bank checks of Rs 50,000 or more per day.
If you have two PAN cards and you are trapped in an investigation, you may be fined up to Rs 10,000. Other than that, your bank account may be frozen. To avoid this, you will need to immediately return the second PAN card to service. There is also a provision to this effect in Section 272B of the Income Tax Act 1961.
The process for submitting your PAN is straightforward. This can be done in different ways. You can access the PAN card submission form by visiting the website and clicking on the “Request for a new PAN card or / and PAN data modification or correction†link. Fill out the form and return it to any NSDL office.
(Sources: jansatta.com)
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