PAN Card Latest News: One mistake related to PAN card can put you in big loss. Holding two PAN cards under section 272B of the Income Tax Act, 1961 can lead to heavy fines.
New Delhi: PAN Card Latest News: PAN card is a mandatory document in today’s time. Many more important work cannot be done without this card. It is required to do every financial transaction and to open an account in the bank. It has now been made mandatory to link PAN card with Aadhaar and everywhere. With this, let us tell you that a mistake related to the PAN card can lead to a fine of 10 thousand rupees.
There will be big problems if there are two cards
Fill the ten digit PAN number given on the PAN card very carefully. Any spelling mistake or number here and there can get you heavy penalty. Along with this, even if you have two PAN cards, you may have to pay a big fine. This may freeze your bank account. Therefore, if you also have two PAN cards, then immediately your second PAN card will have to be surrendered to the department. There is also a provision for this in section 272B of the Income Tax Act 1961.
This is how to surrender another PAN card
The process of surrendering PAN is easy. There are common forms for this. You can download it from the Income Tax website. For this, you can download the form by clicking on the link ‘Request For New PAN Card Or/ And Changes Or Correction in PAN Data’ on the website. After this, fill the form and submit it to any NSDL office. While surrendering the second PAN card, submit the same along with the form. You can do this online also.
Let us tell you that two different PAN cards coming in the name of the same person at the same address fall in this category. If you also have two PAN cards, then one has to be surrendered.