Pan Card Tips- Is it legal to get a second PAN card or not, when you already have a PAN card, know the rule

As we all know for Indian people there are PAN cards, Aadhar cards, ration cards, and many other documents, which are used for many government and non-government works. In such a situation, if we talk about PAN cards, then they plays an important role in financial transactions and it is an essential document for everyone, especially when it comes to filing taxes, investing, or making high-value transactions. In such a situation, if we talk about PAN card, if you have one PAN card and you get another one made, then what is the right, let us know its complete details-

Mandatory for Income Tax Returns

One of the primary uses of PAN card is to file Income Tax Returns (ITR). If your annual income is more than Rs 2.5 lakh, then you are required to file ITR.

Required for financial transactions

Opening a bank account: Whether you are opening a savings or current account, the bank will ask for your PAN card as a part of the KYC (know your customer) process.

Investing in the stock market: To open a demat account for trading in shares, a PAN card is required.

High-value transactions: For any transaction above Rs 50,000, PAN card details are required, whether it is for buying property, purchasing or selling assets, or making large payments.

Required for credit and debit cards

PAN card is also required when applying for both credit and debit cards. Financial institutions ask for PAN card to process the application.

Only one PAN card for a lifetime

It is important to note that each person can only have one PAN card in his entire lifetime. A PAN card is a unique identifier, and it is illegal to have more than one PAN card.

Disclaimer: This content has been sourced and edited from [samacharnama].