PAN Card Latest News: You could be defrauded by a PAN card-related error. If you possess two PAN cards, you may be subject to severe penalties under Section 272B of the Income Tax Act of 1961.
PAN Card Latest News: PAN cards are now required legal documents. No financial transaction is possible without this. It is necessary to carry out every financial transaction and open a bank account. You need it to conduct any financial business, from the bank to the office. However, did you realise that a PAN card error might result in significant financial loss for you?
Having two PAN cards, you will be fined
You might have to pay a large fine if you hold two PAN cards. As a result, your bank account can be frozen. Additionally, you can be required to pay a fine of 10,000 rupees. As a result, if you also own a second PAN card, you must immediately turn it into the department. Additionally, section 272B of the Income Tax Act of 1961 contains a provision for this. Please let us know how to surrender a PAN card.
Here’s how to surrender another PAN card.
- PAN surrender is a simple process. For this, you need to fill out a common form.
- You go to the Income Tax website to do this.
- To request a new PAN card or to make changes or corrections to your PAN data, click the link given.
- Download the form right away.
- Once the form has been completed, take it to any NSDL office and turn it in.
- Submit the second PAN card along with the form when giving it up.
- You can do it online as well.
Read More: Pan Card Alert: Has someone taken a loan wrongly on your PAN card? Learn how in one click
Let us explain that two PAN cards bearing the same person’s name and being sent to the same address fall under this category. If you also possess two PAN cards, one of them must be surrendered.
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