What is PAN 2.0: PAN 2.0 has been introduced by the government. Through this, the government wants to eliminate duplicate PAN. CBDT hopes that taxpayers are evading income tax through two PAN cards.
PAN Card Update: The government wants to improve all the services related to PAN through upgraded e-governance. For this, PAN 2.0 has been introduced by the government. Through this, the government aims to completely eliminate duplicate PAN. Despite this, if you have more than one PAN card, then be alert. Yes, the Income Tax Department has decided to take strict action against duplicate PAN card holders. According to the new rule, if you do not surrender your extra PAN card, then you may have to pay a penalty of up to Rs 10,000. In such a situation, the question is also how correct is it to have more than one PAN card?
Having more than one PAN is illegal
According to the Income Tax Act 1961, no tax payer or non-tax payer can have more than one PAN card. If someone has a duplicate PAN card by mistake or intentionally, then it is necessary to surrender it immediately. If this is not done, the government can take strict action against that person. The matter is being taken very seriously by the government and the process of catching duplicate PAN cards is being run with the help of new technology.
What is the PAN 2.0 scheme and its purpose?
The government has approved the PAN 2.0 scheme recently. The aim of this scheme is to simplify and modernize the management of PAN and TAN. Its aim is to eliminate duplicate PAN cards and prevent any kind of fraud. Apart from this, the government intends to make the process of PAN and TAN faster and easier than before. Under this scheme, the government is using new technology so that there is only one PAN card in the name of a person and no kind of fraud takes place.
What to do if you have two PAN cards?
If you have more than one PAN card, then you have to surrender the extra PAN immediately. For this, first go to the portal of NSDL or UTIITSL. After this, fill the prescribed form to surrender PAN. Now attach the necessary documents and submit the form. Here you will get the receipt of the surrendered PAN card, which you should keep safe for future.
What to keep in mind before surrendering PAN
When you surrender your second PAN card, keep in mind that your valid PAN card should be linked to Aadhaar. Information about bank account, tax record and investment should also be correct. If any of your PAN cards is wrong, do not surrender it, surrender only duplicate or unnecessary PAN cards. If you surrender the duplicate PAN card on time, then you will not have to face any kind of trouble or penalty.
What will happen if the duplicate PAN card is not surrendered?
If someone has a duplicate or second PAN card and he does not surrender it, then he may have to pay a penalty of up to Rs 10,000. Such a person can be fined up to Rs 10,000 under section 272B. Apart from this, you may face problems in filing tax returns and there may be a hindrance in banking and financial transactions.
Negative impact on credit score
If you want to avoid this penalty, surrender your extra PAN cards as soon as possible. The government is taking a strict stand on duplicate PAN cards. If someone intentionally uses more than one PAN card, legal action can also be taken against him.
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