PAN Card holders must avoid these mistakes or pay penalty of Rs 10,000

Here is some important information for you. A permanent Account Number, or PAN card, is an important document for all kinds of financial transactions. PAN Card holders must avoid these mistakes or pay penalty of Rs 10,000. Starting from banking services to filing ITR, the 10-digit unique alphanumeric number issued by the Income Tax (I-T) Department, PAN card, is an important document for all.

However, everyone needs to take care of a few vital things. An individual need to pay a fine of Rs 10,000 for a slight lapse. To avoid getting into any legal trouble or monetary loss, all need to fill the 10 digit PAN number with utmost care. You will have to pay a hefty fine, if any spelling mistake is made while filing the PAN card details.

Moreover, if any person has two PAN cards, he/she will have to pay a sum as fine amount. Apart from filing up the 10 digits details carefully, an individual must keep only one PAN card in possession. If an individual have two PAN cards, he/she is liable to pay hefty fine.

The I-T Department will cancel such PAN card and will charge fine as penalty, as per the rules.  Moreover, if there is any lapse in PAN card, bank account may get frozen. So, the individual must surrender the second PAN card to the department immediately, following the prescribed guidelines.

As per the Section 272B of the I-T Act, 1961, a person providing incorrect PAN information can be fined Rs 10,000 by the I-T Department. This provision is particularly applicable at the time of filing Income Tax Return (ITR) form or in other cases where PAN card details need to be entered.

How to make corrections for PAN Card online:

– Visit Protean eGov Technologies Limited or the UTIITSL portal

– Fill in the PAN Change Request Form online.

– Mention your PAN number correctly

– Select the checkbox next to the parameters that you wish to change.

– If you are changing how your name is spelt, enter the correct spelling, and select the checkbox on the left margin.Note: If you do not select the checkbox, the change will not be made.

– Check all your details and submit the form.

– Once your changes have been confirmed, a 15-digit acknowledgement number will be displayed. Save, this number as it is required for further communication or to track your application status.

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– Make the payment, take a print out of the acknowledgement, attach the required documents.

-Send it to the Income Tax PAN Services Unit (Managed by Protean eGov Technologies Limited).

-If you are submitting the document on the UTIITSL website, you will have to send the required documents to any one of the UTIITSL offices in Mumbai, Kolkata, New Delhi, or Chennai.