New Delhi: PAN card is a mandatory document in today’s time. Be it a financial transaction or any official work, the document has its own significance. It is a crucial document in opening an account in the bank. Be it the bank or office, you cannot do any financial work without it.
People often do mistakes against PAN Card as the growing acceptance makes the document lucrative. But do you know that a mistake related to a PAN card can give you a big financial loss? Here is the detail why you should be precautious.
As per the provisions of the Government of India, one can have only one PAN card. If you have two PAN cards, you may have to pay a hefty penalty. The provision of section 272B of the Income Tax Act 1961 powered the regulatory body to take action against you. This may result in freezing your bank account.
Apart from this, you may also have to pay a fine of 10 thousand rupees. If you have two PAN cards, still you have options to avoid these fines. The regulatory body is giving you a chance to surrender your second PAN card to the department.
Here is the step-by-step guide to surrender your PAN card:
The process of surrendering PAN is easy. There is a common form that you have to fill out.
– Visit the official website of Income Tax i.e www.incomettaxindia.gov.com
– Click on the link ‘Request For New PAN Card and Changes Or Correction in PAN Data.’
– Download the form now.
– Fill up the form.
– Visit any NSDL office and submit the form there.
– Along with the form you also have to submit your second PAN card.
You can go through all these steps online. Many times by default two different PAN card comes by the name of the same person along with the same address.