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income tax pan card query

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One person is having only one Income Tax PAN card but he is using this same card for different sole proprietorship firms.

Is it legally permissible.

 

Kindly advise.

 

Thanks in advance,

 

Jayanta

16.08.2011

 
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Advocate & tax Consultant

Yes.

He can use the same PAN Card for all his propreitorship business and all transactions that are in his personal nature(like credit card, demat account, etc.) and allowed under Income tax act.
 

 
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M.COM., LLB

Legally, as per Incometax Act, A individual have to get only ONE Permanent Account Number.  Such Individual can use such number for his personal or business purpose of transactions.  Therefore, such person can use PAN card for his different proprietary business purposes is allowed.

 
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advocate & tax consultant

No single person should have a two PAN card. He can use only one PAN Card for all his personal transctions. If a single person having two PAN cards he will be fined up to Rs.10000/-

 
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not applicable

jagadish hiremath is absolutely right.

 
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Extra PAN card is to be surreder with the consultation of Income Tax Authority. Use only one and same PAN card as per instructions given by ITD.

 
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