Alert for PAN Card users: Fill the 10 digit PAN number very carefully. Any spelling mistake in this can send you towards a heavy penalty. Not only this, even if you have two PAN cards, you will have to pay a hefty fine.
Alert for PAN Card users: PAN card is used for many important works across the country. This is an important document, which every citizen of the country must have. You must fill the information related to this somewhere. But you must take care of one thing. Where there is a slight lapse, you may have to pay a fine of Rs 10,000. Fill the 10 digit PAN number very carefully. Any spelling mistake in this can send you towards a heavy penalty. Not only this, even if you have two PAN cards, you will have to pay a hefty fine.
The Income Tax Department can cancel your valid PAN card along with big fines. If indeed your PAN becomes invalid, then your bank account may get frozen. Therefore, you will have to surrender your second PAN card to the department immediately.
Under Section 272B of the Income Tax Act, 1961, the Income Tax Department can impose a penalty of Rs 10,000 on the person giving wrong PAN information. This provision is especially applicable especially at the time of filling the ITR form or in other cases where PAN card details are required to be entered.
Why are 2 PAN cards issued?
Often when people apply for a new PAN card, it does not reach them in time and they apply for another PAN. By coincidence, he gets two PANs and that too on one name and address. However, both the numbers are different. But this is a big crime.
10 thousand fine
Under section 272B of the Income Tax Act, 1961, you can be fined 10 thousand rupees. Therefore it is necessary that if two PANs have come in someone’s name, then he should return one card to the department.
How will the card be returned?
Both online and offline methods can be adopted to return the second PAN. There are common forms for surrendering PAN. It can be downloaded from the Income Tax website. Clicking on the Request For New PAN Card Or/ And Changes Or Correction in PAN Data link on the website will download the form. After this the form can be filled and submitted to any NSDL office. While surrendering the second PAN card, submit the same along with the form. This is also possible online.
Where is PAN Card used?
If you do more than 2.5 lakh transactions in a year, then PAN will be required. PAN is necessary for the business institution whose turnover is more than 5 lakhs. However, now it is needed only after starting the business. If you are buying a car, bike or any vehicle, then PAN is required. PAN is mandatory for sale of immovable property worth more than 10 lakhs. Also, PAN is necessary for any goods and services worth more than 2 lakhs. Apart from this, PAN card is required for many other things.
