Linking your PAN card with Aadhaar became compulsory after Aadhaar’s implementation to monitor your financial history. However, does a PAN card expire? How long does a PAN card serve as a valid document?
Pan Card expiry: The PAN card is a document used for financial transactions. From opening a bank account to filing income tax returns (ITR), a PAN card serves as a valid document. It is also used for KYC procedures and is considered the most significant legal identity card. Even after the introduction of Aadhaar, linking it with your PAN card became mandatory to track your financial history. But does a PAN card have an expiry date? How long does a PAN card remain valid as a document? If you haven’t yet considered the validity of your PAN card, find out how long it remains valid.
Who issues PAN Card?
PAN card is issued by NSDL (National Securities Depository Limited). PAN card is called a legal document because, it tracks all your financial transactions. PAN card is also used to prevent tax evasion. But, still it is important to know its validity i.e. for how many days it remains valid.
How long is the validity available?
The validity of PAN Card is for lifetime. PAN card can be cancelled only after the death of the person or KYC can be updated at all the necessary places with the help of death certificate. PAN card expires only after the death of a person. PAN card remains valid for the whole life. PAN card has a 10 digit alphanumeric number. PAN number contains the information of the person who has the PAN card. Legally, a person can keep only one PAN card with him. There is a provision of imposing a fine for keeping more than one PAN card.
It is illegal to have more than one PAN
According to the income tax rules, if anyone has more than one PAN and uses it, then it is illegal. Action can be taken against it. Under the provisions of section 272B of the Income Tax Act 1961, a fine of Rs 10,000 can be imposed for having more than one PAN card. If you also have more than one PAN, then you can surrender it. You can surrender the PAN card both offline and online.
How to get a Pan Card?
PAN Card can be made online from home. First of all, you have to go to the e-filing portal and click on ‘Instant PAN through Aadhaar’. After this, ‘Get New PAN’ has to be selected. You will be asked for the Aadhaar number and an OTP will be sent to the registered mobile number. Once the OTP is validated, you will be issued an e-PAN. You can also order your physical card.
