PAN Card Alert: The PAN is necessary for almost everything, but carrying it around with you can be a bit risky. The chances of losing it also increase and you don’t want that. A permanent Account Number, or PAN card, is an important document for all kinds of financial transactions. PAN Card Alert: avoid these mistakes or pay penalty of Rs 10,000.
PAN Card is also an important document helps that the Income-tax Authority in keeping a track of all financial transactions that may be essential in assessing an individual or company’s tax liability, it helps in reducing the chances of tax evasion. However, we need to take care of a few things.
An individual need to pay a fine of Rs 10,000 for a slight lapse. A person must only own one PAN card in addition to carefully filling out the 10 digits of the information. A person who has two PAN cards is liable to pay a fine. The I-T Department will cancel the PAN card and impose a fine as a punishment, in accordance with the law.
Additionally, if there is a lapse in PAN, a bank account may get frozen. The second PAN card must be sent to the department right away in accordance with the established procedures. A person who provides inaccurate PAN information may be penalised Rs 10,000 by the I-T Department. This provision is particularly important at the time of filing the Income Tax Return (ITR) form or in other scenarios where PAN card details need to be entered.
So, if you have two PAN cards, you should immediately give the Income Tax Department one of them. You won’t face legal action if you choose to do this willingly. Online and offline options are available for this.
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Steps to surrender your second PAN card
-Visit IT department’s website incometaxindia.gov.in.
-Click on ‘Request for new PAN card/change’ or ‘Correction PAN data.’
-Download the form, fill it up, and submit it at any National Securities Depository Limited (NSDL) office.
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