Utility: If you have also made this mistake on your PAN card then you may face a fine of Rs 10000!

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A permanent Account Number (PAN) card is a unique identity, which is very important in any type of financial transaction. PAN card consists of an alphanumeric 10-digit number, which is set by the Income Tax Department. This process comes under the Central Board of Direct Taxes (CBDT). PAN is also important for filing income tax returns.

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You must know why a PAN card is necessary for you. During Aadhaar tax return filing, your Aadhaar must be linked with PAN. According to the Income Tax Department, a PAN card will be required for cash purchases of bank drafts, pay orders, or banker's checks of Rs 50,000 or more in a day.

If you have two PAN cards and you are caught during the investigation, you can be fined up to Rs 10,000. Apart from this, your bank account may also get frozen. To avoid this, you have to submit the second PAN card to the department immediately. There is also a provision for this in section 272B of the Income Tax Act, 1961.

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The process to submit your PAN is simple. This can be done in various ways. You can access the form for submission of a PAN card by visiting the website and clicking on the link "Request for New PAN Card Or/and Change or Correction in PAN Data". Fill out the form and return it to any NSDL office.