A Permanent Account Number (PAN) card is one of the most important documents of your financial portfolio. The Government of India uses it as a means of identifying taxpayers in the country. This is a unique alpha-numeric number assigned to Indian citizen primarily for tax-paying purpose. The Income Tax Department of India has made PAN card a mandatory document for specific transactions.

According to the latest report, any error in quoting your PAN card number can levy a fine of as much as Rs. 1000. This provision is applicable when someone is filling their Income Tax Returns or performing some specific financial transactions.

The Income Tax Department has listed the cases where it is mandatory to quote your PAN card number like opening a bank account, buying or selling real estate properties, mutual fund, shares and bond transactions worth more than Rs. 50000 etc.

Moreover, you can also be fined for not quoting your PAN card number where the Income Tax Department has made it mandatory. In case, you do not have a PAN card and your income is below the taxable limit, it is advisable to fill Form 60 declaration.

Also, once a PAN card has been allocated to an individual, he/she cannot apply for another PAN card in case of theft or misplacement.

Therefore, it is important for every Indian citizen to either apply for a PAN card or submit the Form 60 declaration under the Income Tax Act.