Income Tax: Verify your name as the Income Tax Department is imposing a penalty of Rs 10,000

 Income Tax: Verify your name as the Income Tax Department is imposing a penalty of Rs 10,000

An essential document for the Income Tax Department is the PAN Card (Permanent Account Number), an identity card that is provided by the department in India.

PAN Card Update: The citizens of the nation get a number of vital papers. These papers may be used for a variety of purposes. PAN cards are also a part of these national papers at the same time. The PAN card is a means of completing financial transactions inside the nation. In order to ascertain a person's tax responsibility, the government also uses the data obtained from PAN records. But, there are a few crucial PAN card-related matters that must also be attended to; failure to do so may result in a punishment.

a PAN card

Actually, it's important for individuals to remember that possessing several PAN cards is illegal in this nation. If someone in this circumstance has many PAN cards or duplicates, he may have significant issues.

Identical PAN Cards

Anyone found to be in possession of several PAN cards may face serious consequences. In actuality, duplicate applications often result in the issuance of two PAN cards. People need to stay away from this kind of circumstance. If discovered, people could have to deal with a lot of challenges. The card may have come from the IT department for certain people, or it may have come from companies that were contracted out to do the task.

Looks good.

People would have to cancel one of their PAN cards in such a scenario. Some persons could submit several PAN applications in an effort to save money or fool the authority. These are serious infractions that will result in penalties. There are severe regulations governing the possession of several PANs, and the government fines those who own multiple PANs by Rs 10,000. The Income Tax Act's section 272B has led to the imposition of this penalty.