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Double Pan Card Penalty: In today’s time, PAN card is no longer limited to filing income tax returns only. Rather, PAN card has been made mandatory for bank work as well as for big investments and buying a car etc. To make any kind of big financial transaction, you must have PAN card. If seen, you can make only one PAN card in your life, that is, only one PAN card will be made in your name. Some people have a question in their mind whether more than one PAN card can be made.

If you also have this question in your mind then definitely read this article. If you make more than one PAN card then it is a legal offence. You may also be punished for this.

Can a person hold 2 PAN cards?

According to media reports, any person in India, whether common or special, can hold only one PAN card. If someone has got two PAN cards made in his name, then doing so is considered illegal, for this you may have to face punishment or fine. If you have made two PAN cards by mistake, then you can surrender one PAN card. It is necessary to do this otherwise strict action can be taken against you. In some cases, the person may even have to go to jail for this.

How much will be the fine for having 2 PAN cards?

Under Section 272B of the Income Tax Act, if a person holds two PAN cards in India, then he may have to pay a heavy fine or even go to jail. Along with this, strictest action can also be taken against you. Therefore, it would be better to surrender your second PAN card and get it canceled.

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