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Wednesday, March 4, 2020

Income Tax Department Issue e-Pan card For Free

Under the rule, if your PAN becomes inactive and you use it in a bank transaction or elsewhere, it will be presumed that you have not provided a PAN under the law, in which case you may be fined Rs.10,000 under section 272B of income tax. Under section 139A of the Act, it is compulsory to show the page on demand. However, using a passive PAN to open a bank account or generate a driving license will not be penalized.If you withdraw or deposit more than 50 thousand rupees from a bank account then you will have to show a PAN card. But the relief is that you do not need to apply for a new PAN card if your PAN becomes inactive. You can only link your old PAN to support. Your PAN will be automatically approved after linking..

So far more than 30 million people have linked PAN-support in the country. Informing Parliament, Minister of State for Finance, Anurag Singh Thakur, said that by January 27, 2020, more than 30 crore have been linked to PAN figures.

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