Possessing multiple PANs may result in fines and complicated income tax situations. The Income Tax Department finds it simpler to identify multiple PANs thanks to government initiatives connecting PAN with bank accounts and Aadhaar. The Income Tax Act of 1961’s Section 139A states that each person is only permitted one PAN. There are penalties for breaking this rule according to…
Read MoreHow to turn in a duplicate PAN and stay away from penalties
