If you have more than one PAN Card, be cautious. The Income Tax Department has now decided to take strict action against those holding duplicate PAN Cards. Under the new rules, if you do not surrender your duplicate PAN card, you may have to pay a fine of Rs 10,000. Let us know what changes have been made in the rules related to PAN.
What are the rules?
According to the Income Tax Act 1961, no person can have more than one PAN card. If someone has a duplicate PAN card, he must surrender it immediately. If you do not do so, you may have to face a penalty. The government has taken this issue seriously and technology is being improved to identify duplicate PANs.
What is PAN 2.0 scheme?
The government has recently approved the PAN 2.0 scheme, which aims to simplify and modernize the issuance and management of PAN and TAN. The main objective of the government through this new scheme is to eliminate duplicate PAN cards and curb fraud.
What to do if you have a duplicate PAN?
If you have more than one PAN card, you will have to surrender it. This work can be done through NSDL or UTIITSL. For this, you will have to fill and submit the necessary form. But before surrendering, make sure that your valid PAN is linked to Aadhaar and all the information related to your bank account, tax records and investments is correct.
Why and how much will the fine be imposed?
If you do not surrender your duplicate PAN, you will have to pay a fine of Rs 10,000 under section 272B of the Income Tax Act. So to save yourself from trouble, take immediate action and surrender the unnecessary PAN card.
tough stand of the government
The government wants to completely eliminate duplicate PAN cards and fraud related to PAN. For this, new technology is being used so that incidents of a person having more than one PAN card can be stopped.
If you also have a duplicate PAN card, do not ignore it. Surrender it in time and avoid fines.
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