Pan Card Update Online: Permanent Account Number or PAN is a means of identifying multiple taxpayers in the country. Without PAN card, you cannot do any transaction related to money, you will also know this very well. In today’s time, PAN card is an essential document for doing financial transactions. Without PAN card you cannot do financial transactions. You need it for both government and non-government work. Do you know that if they do not do one thing then you can also be fined Rs 10,000. To avoid this fine, here is the complete detail that what you should do.
Why can a fine be imposed?
If you have more than one PAN card, then submit your one PAN card immediately or else you may have to pay a fine of up to Rs 10,000. Many times we apply for PAN once and if our document is not received then we apply again, so many times people have 2 PAN cards.
There is also provision in income tax:
If something like this has happened to you too or if you have two cards then you can be fined heavily. Apart from this, your bank account can also be frozen. Therefore, you must submit your card to the department on time. Apart from this, there is a provision in section 272B of the Income Tax Act 1961 that a fine of Rs 10,000 can be imposed for holding two PAN cards.
How to Surrender Pan Card?
- For this visit the official website of Income Tax Department.
- After that you have to download the common form.
- You can download this form by visiting the website and clicking on the link Request for New PAN Card or/End Changes or Correction in PAN Data.
- Apart from this, fill the form and submit it to any NSDL office.
- You will also have to submit another PAN card while submitting the form.
- You can also do this process online.
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