New Delhi: PAN card is a mandatory document in today’s time. Be it financial transactions or any official work, this document has its own importance. This is an important document for opening an account in the bank. Bank or office, without this you cannot do any financial work.
People often make mistakes regarding PAN card as increasing acceptance makes the document attractive. But do you know that one mistake related to PAN card can cause you big financial loss. Here’s why you should be careful.
As per the provisions of the Government of India, one can have only one PAN card. If you have two PAN cards then you may have to pay a heavy fine. The provision of section 272B of the Income Tax Act 1961 has empowered the regulatory body to take action against you. This may freeze your bank account.
Apart from this, you may also have to pay a fine of Rs 10,000. Even if you have two PAN cards, you have options to avoid these penalties. The regulatory body is giving you a chance to surrender your second PAN card to the department.
What to do to surrender your PAN card:
The process of surrendering PAN is easy. There is a simple form that you have to fill out.
– Visit the official website of Income Tax i.e. www.incomettaxindia.gov.com
Click on the link ‘Request For New PAN Card and Changes Or Correction in PAN Data’.
Download the form.
– Fill the form.
Go to any NSDL office and submit the form there.
You will also have to submit your second PAN card along with the form.
