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PAN card details are also required for buying and redeeming investments like physical gold. This can lead to hassles, financial losses and an impact on your borrowing ability. Even with hard enquiries and no borrowing, your credit score can go down. Your PAN card information can also be used by someone to borrow in your name and put your credit records and finances at risk. They can also get your income details, insurance coverage, investments as well as employer information which might lead to more serious fraud. If someone misuses your PAN data, they can access your bank account, phone number and address. All your personal informationĪll your important personal information is linked to your PAN card. Let’s look at these vulnerabilities in PAN connections here: ‍ 1. But there are a few ways your PAN card can be misused if found by someone.

So, what can a person do if they get access to your PAN card? It’s not like losing your banking card where someone can withdraw money from your bank account. By doing this in a comprehensive manner, they can calculate your income tax implications. Now, when your PAN is linked to all these instruments related to your income and investments, it becomes easier for income tax officials to track your sources of income. Some examples of such transactions are buying a car or property valued at more than five lakh rupees. Performing transactions considered to be of high value by the Income Tax department.Investing in a fixed deposit, mutual fund, bonds or stock,.To further authenticate the process, the mandatory linking of PAN to Aadhaar and of these documents to your bank account was introduced. PAN was introduced to identify each taxpayer and prevent tax evasion uniquely. Taxable entities may be a person like you, a company or a firm, a Hindu Undivided Family (HUF) or a charitable trust. PAN is your unique identity for taxĪ Permanent Account Number or PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department to taxable entities. But before we get there, let’s quickly understand the basic concepts related to your PAN card.

You can apply for a duplicate PAN card online without visiting any Income Tax Department office or premises. You may have a perception that the process of applying for duplicate PAN card may be tedious and time-consuming. However, you can easily apply for a duplicate PAN card if you have lost the original one. When you do so, you can’t get a new one but a duplicate PAN card with the same number. But that’s not the case when you lose a PAN card. But if you still can’t get it, you cancel your card and get a new one. What do you do when you lose something from your wallet? Whether it’s a credit or debit card, you try to find it.