New Delhi: PAN card is a mandatory document today. Whether it is a financial transaction or some official work, the document has its own meaning. This is an important document when opening a bank account. Be it a bank or an office, you cannot do any financial work without it.
People often make a mistake against PAN card because acceptance makes the document profitable. But did you know that a PAN card related mistake can cost you a huge financial loss? Here are the details of why you should be careful.
As per Government of India regulations, there can be only one PAN card. If you have two PAN cards, you will have to pay a huge penalty. The provision of Section 272B of the Income Tax Act, 1961 empowered the regulator to take action against you. This may result in your bank account being frozen.
Apart from this, you will also have to pay a fine of Rs 10,000. If you have two PAN cards, you have more options to avoid these charges. The regulator is giving you an opportunity to submit your second PAN card to the department.
Here is a step-by-step guide to submit your PAN card:
PAN submission process is easy. There is a general form that you have to fill out.
– Visit the official Income Tax website i.e. www.incomettaxindia.gov.com
– Click on the link “Apply for New PAN Card and Change or Correction of PAN Details”.
– Download the form now.
– Fill out the questionnaire.
– Go to any NSDL office and submit the form there.
– You have to submit your second PAN card along with the form.
You can go through all these steps online. Many times by default two different PAN cards come with the same address and name of the same person.