From taking advantage of many government schemes to having financial functions, it is mandatory to have a PAN card. A person is issued a PAN card only once. A unique number is issued for every person including the number and alphabet in the PAN card.
new Delhi. PAN card is mandatory for most banking transactions and other financial functions. To take advantage of many schemes of the central government, you also have to have a 10 digit PAN number. If you also keep a PAN (Permanent Account Number) card then many important tasks will be completed easily. However, it is also important for you to know that any wrong information related to PAN card can force you to pay a fine of Rs 10,000.
Even if a person has more than one PAN card, they still have to surrender another PAN card. If they do not do so, they may face legal action with large fines.
Fill information carefully when applying
The Income Tax Department can impose a fine of Rs 10,000 under section 272 (B) of the Income Tax Act 1962, if a person gives incorrect information on the PAN card. Also, for giving incorrect information, the Income Tax Department can cancel the card. If any mistake is found in the PAN card, action can be taken against the PAN card holder. In such a situation, while giving information for PAN card, you should avoid making any kind of mistake
It is often seen that a person applied for a PAN card but due to postal or other reasons, he was late in getting the PAN card. In such cases, some people apply for a new PAN card without knowing about the previous application. In this way, PAN card is issued to the same person twice. If a person has more than one PAN card, then they should surrender one of these cards to the Income Tax Department.
How to surrender?
If you also have more than one PAN card and you want to surrender them, you can also do it online or offline. To surrender the PAN card online, you will have to login on the incometaxindiaefiling.gov.in, the official website of the Income Tax Department.
Aso read: If you are the owner of more than one house, then you cannot file ITR with these forms
After login on this website, click on ‘Request For New PAN Card Or / Changes or Correction in PAN Data’ on the home page and download the form. After filling the correct information in this form, it will have to be bombed in any nearest NSDL office along with the PAN card.
If you do not know the address of the nearest NSDL office, then you can find this information by clicking on this link https://www.tin-nsdl.com/pan-center.html with the help of your PIN code.
For surrendering online, after filling this form, you can submit a scan copy of the PAN card.
