PAN card has become an important document that everyone should have, PAN card serves as an important document for various official functions starting from remittances. Today, PAN card is the first document required to open a bank account and PAN card is also required for depositing more than a certain amount in a bank account. PAN card has become an important part of money transactions in all places like banks and many government offices. people often make some mistake when it comes to PAN cards and due to the mistakes people make in some things, sometimes they can face huge financial losses.
Government of India rules require a person to have only one PAN card, which means if you have two PAN cards, you will face severe penalties. Under Section 272B of the Income Tax Act, 1961, he has the power to take action against you and freeze your bank account. Apart from this, you will have to pay a penalty of Rs 10,000, while dual PAN card holders have the option to waive the penalty. This means you have to submit the second PAN card to income tax department, now we will see the PAN card submission process here.1) Go to the official website of Income Tax Department www.incomettaxindia.gov.com.
2) Click on the link “Apply for New PAN Card and Change or Correction of PAN Details”.
3) Now download the form.
4) Fill in the required information in the form.
5) visit any NSDL office and submit the form.
6) You have to submit your second PAN card with the filled form.