Income Tax: PAN Card Update – Important Information to Keep in Mind
PAN Card: An Important Document for Income Tax Department
For financial transactions in India, PAN Card (Permanent Account Number) is a crucial document issued by the Income Tax Department. The government relies on the information provided through PAN details to determine the tax liability of individuals. However, it is essential to keep in mind some important things regarding PAN card to avoid any fines.
Duplicate PAN Card: A Serious Offense
It is illegal to possess more than one PAN card in India. If caught with multiple or duplicate PAN cards, individuals may face serious consequences. PAN card can be issued twice due to double application, and people should avoid this situation. Individuals may have received the card from the IT department or agencies to whom the work was outsourced.
Penalty for Holding Duplicate PAN Card
The government imposes a fine of Rs 10,000 on anyone holding a duplicate PAN card under section 272B of the Income Tax Act. Holding more than one PAN card with the intention of deceiving the government or saving money is a gross violation and attracts fines.
How to Surrender Duplicate PAN Card
If someone holds multiple PAN cards, they should surrender the ones other than the original PAN card. One can get multiple PAN cards both online and offline. To surrender a duplicate PAN card online, log on to the NSDL website, fill the form, and make the required payment via demand draft, credit card, debit card, or internet banking. Mention the PAN card to retain and others to surrender, select the proof of identity and address, and get the downloadable acknowledgement for future reference.
Alternatively, one can also fill Form 49A for Change or Correction in PAN and submit the form to the nearest UTI or NSDL TIN facilitation center. Mention the personal details like the name on the PAN card, date of birth, and PAN card numbers to surrender.
Conclusion
In summary, holding multiple or duplicate PAN cards is a serious offense in India and attracts fines. To avoid any penalties, individuals should surrender the duplicate PAN card and keep only the original one. The process of surrendering a duplicate PAN card is straightforward and can be done both online and offline.
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Sorted points by DelhiBreakings.com team.
👉 Income Tax: PAN Card is an important document issued by the Income Tax Department in India.
👉 PAN Card is necessary for completing financial transactions in the country and determining tax liability.
👉 Holding more than one or duplicate PAN card is illegal and can result in fines.
👉 People should cancel one of their PAN cards if they have multiple cards.
👉 To surrender duplicate PAN cards, one can apply online through the NSDL website or fill out Form 49A and submit it to a UTI or NSDL TIN facilitation center.
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