Any small mistake regarding PAN card.. has to pay a huge price. But let’s find out. As per government rules.. a person should have only one PAN card. If you have two cards, you will have to pay a huge fine. The regulatory body has the power to take legal action against you under Section 272B of the Income Tax Act 1961. It can also freeze your bank account. So one should be careful while using PAN card.
Apart from freezing the bank account.. Rs. 10,000 fine may have to be paid. If you have two PAN cards… fine, you still have a chance to avoid the action. You can still get out of that fine grip. The regulatory body allows you to surrender your second PAN card to the department.
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Follow these steps to surrender your PAN Card..
Surrendering your additional PAN card is very easy. Anyone can easily fill this application form.
- Visit Income Tax official website www.incomettaxindia.gov.com.
- There you have to click on ‘Request for New PAN Card and Changes or Correction in PAN Data’.
- Application form should be downloaded.
- Fill the form.
- Go to any NSDL office and submit it there.
- There you have to submit your second PAN card along with the relevant application form.
This process can easily be completed online with these small steps. But many times two PAN cards are issued for the same address in the name of the same person. The above procedure should be followed only at such times.
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