Friends, many types of documents such as PAN card, Aadhaar card, ration card, etc. are essential for Indians. PAN card is one of the most important documents. Issued by the Income Tax Department, it is a unique 10-digit alphanumeric number required for almost all financial transactions. From opening a bank account to filing Income Tax Returns (ITRs), PAN card is mandatory. Despite its importance, many people still make the mistake of having two PANs. Let's explore what to do if this happens.

Why is a PAN card important?

Mandatory for financial transactions such as banking, investments, property purchases, and filing ITRs.

Required for individuals with an annual income of ₹2.5 lakh or more.

Helps the Income Tax Department track financial activities and prevent tax evasion.

Serves as a valid identity proof.

Rules Regarding Multiple PAN Cards

Legally, a person can only hold one PAN card.

Having multiple PAN cards is illegal and can result in:

Heavy fines.

Legal action or even imprisonment.

The Income Tax Department closely monitors and imposes penalties on such cases.

What to do if your PAN card is lost or damaged?

File a police complaint if it is lost.

PAN Card Tips

You can also request a duplicate PAN card online by providing the required details and proof.