The Modi Government has launched a massive crackdown on duplicate or multiple PAN Cards to stop tax evasion, identity theft, purchase of benami properties and also curb the spread of black money in the economy. The Government has detected a large number of fake PAN Cards.
Government rules say, you and other citizens can have only one PAN card. A penalty of INR 10,000 can be imposed if you are found having more than one PAN. But, citizens making illegal financial transactions or dealing in black money, use duplicate PAN cards or have multiple PAN Cards, to help evade taxes.
PAN helps the Government track all your financial transactions and make sure you pay income taxes. If you and other citizens have multiple PAN cards or even duplicate ones, you can easily evade taxes. The Government wants to put an end to this.
India has more than 25 crore PAN cards and the Government has deactivated more than 11.44 Lakh PANs. You must be really worried. Is your PAN among these 11.44 Lakh PANs? There's a simple way you can find out.
Want to know more on tax planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
The Government is real serious on curbing the spread of black money in the economy. If you have multiple or duplicate PANs, your PAN could be deactivated. This could be a problem, you definitely don't want to face. To check if your PAN Card is active, you will have to visit the Income Tax e-filing website.
These are the steps you must follow to check if your PAN is active:
The Government wants you to link Aadhaar with PAN. This will help weed out duplicate PAN cards and also make sure, one citizen has only a single PAN Card. The Aadhaar number a 12 digit identity number, is issued by the Unique Identification Authority of India and the PAN is allotted by the Income Tax Department. Linking of Aadhaar to PAN will allow the tax department to catch duplicate PAN's and also resolve cases where one PAN has been allotted to a number of citizens. Be Wise, Get Rich.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.