Pan Card or Permanent Account Number is a unique ID number provided by Income Tax Department of India to individual Indian citizen. Pan Card is a kind of unique identification number for every citizen of India, and can be used for ID proof. However the main purpose of Pan Card is to pay Tax to Govt. of India.
A Pan Card consist of 10 alphanumeric that looks like AUHPB7827G. The first 5 characters would be in letters only followed by 4 numerical number and last letter would be character. The Government of India make it mandatory to use PAN number to file tax from 1st of January 2005.
When PAN Card is required?
As said, PAN Card is like a proof ID for individuals and used to pay Tax to Govt. of India. Here are few list when PAN Card is required:
1) To Pay Tax / file Income Tax Return.
2) If you are purchasing or selling any property (like flat, house, land) that is of Rs 5,00,000 or more.
3) PAN Card is mandatory when any transaction done with Rs 50,000 or above.)
4) A fixed deposit of Rs 50,000 or more in any bank or Post Office of India.
5) When need any ID proof to get new phone or Gas connection.
6) When buying or selling any 4 Wheeler.
7) To open Bank Account.
Can I have more than 1 PAN Card?
No, you can’t have more than 1 PAN card. Each Individual person can have only 1 PAN Card. If it is found with more than 1 PAN Card the he / she will have to bear penalty of Rs 10,000 under section 272B.