A PAN Card is an essential document for financial transactions in India. It is used for opening bank accounts, filing Income Tax Returns (ITR), and Know Your Customer (KYC) processes.
Considered a significant legal identity card, PAN Card helps track financial history and prevent tax evasion. But does a PAN Card have an expiry date? Let’s find out how long it remains valid.
Who Issues PAN Card?
The PAN Card is issued by the National Securities Depository Limited (NSDL). It serves as a legal document because it tracks all financial transactions. Despite its importance, understanding its validity is crucial.
Validity of PAN Card
The PAN Card is valid for a lifetime. It only becomes invalid after the death of the cardholder, at which point the KYC can be updated using the death certificate.
The PAN Card, with its unique 10-digit alphanumeric number, contains the holder’s information and remains valid for their entire life.
Legal Restrictions and Fines
According to income tax rules, possessing more than one PAN Card is illegal. Under Section 272B of the Income Tax Act 1961, having multiple PAN Cards can result in a fine of Rs 10,000.
If you have more than one PAN Card, it is advisable to surrender the extra ones either offline or online.
How to Get a PAN Card
You can easily apply for a PAN Card online. Here’s how:
- Visit the e-filing portal and click on “Instant PAN through Aadhaar.”
- Select “Get New PAN.”
- Provide your Aadhaar number and validate the OTP sent to your registered mobile number.
- Once validated, you will be issued an e-PAN, and you can also order a physical card if needed.
Understanding the validity and legal implications of a PAN Card ensures you remain compliant with financial regulations while making the most of this essential document.
