PAN Card Latest News: One mistake related to PAN card can defraud you. Under Section 272B of the Income Tax Act 1961, you may have to pay a heavy fine for holding two PAN cards.
PAN Card Latest News: In today’s time, PAN card is a mandatory document. Without this, no financial transaction can take place. It is required to do every financial transaction and to open an account in the bank. From bank to office, you cannot do any financial work without it. But do you know that a mistake related to PAN card can give you big financial loss.
Have two PAN cards but will be fined
If you have two PAN cards then you may have to pay a big fine. This may freeze your bank account. Apart from this, you may also have to pay a fine of 10 thousand rupees. 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. Let us know how you can surrender a PAN card.
This is how to surrender another PAN card
- The process of surrendering PAN is easy. There is a common form for this which you have to fill.
- For this, you go to the Income Tax website.
- Now click on the link ‘Request For New PAN Card Or/ And Changes Or Correction in PAN Data’.
- Download the form now.
- Now after filling the form, go to any NSDL office and submit it.
- While surrendering the second PAN card, submit the same along with the form.
You can also do this online.
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.
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