Income Tax Rule Update: Now the PAN card become a favourite for everyone PAN card is necessary to open a bank account it is a very important document for people anything related to bank you need a PAN card. It has 10 10-digit unique Identification numbers to identify the PAN card. A PAN card is required to file Goods Service Tax.
It is very easier to get the information from Income tax department through pan card. Income tax department has given an alert to bank users does who does not link pan card to bank account. According to income tax act that no Indian citizen is allowed to own multiple pan number.
The income tax department has issued an alert of wrong identification in pan card such as wrong mobile number, spelling mistakes in name and in father name the income tax department will impose a fine for not linking Aadhar card to pan card. If your surname changes after marriage you can update name in pan card.
If Aadhar is not linked to your PAN card if you miss a deadline your PAN card not become active. If you deposit 50000 to the bank you need to fill pan card details in the deposit slip if you need to withdraw money from a bank branch above 50000 you will require a PAN card to withdraw money. If pan card is not active you will not be able to fill out the income tax return. An Aadhar card is necessary to link the PAN card to fill income tax returns.