PAN card is a document used for financial transactions. From opening a bank account to filing income tax returns, a PAN card is a necessary document for everything. It also acts as KYC. A PAN card is commonly used as a legal identity card to invest money in the stock market, buy gold or use it in a government scheme. Even after Aadhaar is created, it is mandatory to link PAN card with it to track your financial history.
But is there any expiry date for PAN card? For how many days does PAN card work as a valid document? If you still don’t have a clear understanding about PAN card validity, you can get it from this post. Here you can see how long the PAN card is valid and how this document is prepared.
Who issues PAN card?
PAN card is issued by NSDL (National Securities Depository Limited). PAN card is called a legal document. Because it is a document that tracks all your financial transactions. PAN card is also used to prevent tax evasion. However, it is important to know about its validity, i.e. for how many days it is valid.
The document comes with lifetime validity
The validity period of PAN card is for lifetime. PAN card can be canceled only after the death of a person. OR KYC will be updated wherever necessary with the help of death certificate. PAN card expires only after death of a person. PAN card is valid for lifetime.
PAN card has 10 digit alphanumeric number. The PAN card contains the information of the person whose PAN number is there. Legally a person can have only one PAN card with him. There is a penalty for having more than one PAN card.
It is illegal to have more than one PAN number
According to income tax rules, it is illegal for anyone to have more than one PAN number. Action may be taken against this. Under the provisions of Section 272B of the Income Tax Act, 1961, a penalty of Rs 10,000 is imposed for holding more than one PAN card. If you have more than one PAN number, you can transfer it. You can surrender PAN card offline as well as online.
How to get pan card?
You can get PAN card online from the comfort of your home. First, you need to go to the e-filing portal and click on ‘Instant PAN through Aadhaar’. After this select ‘Get New PAN’. You will be asked for Aadhaar number. Then an OTP will be sent to the registered mobile number. After completion of OTP verification, you will be issued e-PAN. You can also order your physical PAN card.
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