PAN Card Holders Alert: Permanent Account Number ie PAN Card is an important document for all types of financial transactions. Pan is essential for almost everything, but carrying it with you can be a bit risky. There is a fear of losing it and at the same time, if someone gets hold of it, then no one should misuse it.
PAN card is an important document that helps the Income Tax authority to keep track of all the financial transactions which are required to assess the tax liability of an individual or a company. This helps in reducing the possibilities of tax evasion.
However, we have to take care of some things. For a minor lapse, a person may have to pay a fine of Rs 10,000.
keep this in mind
Apart from filling the 10 digit information carefully, a person should have only one PAN card. A person who has two PAN cards may have to pay a fine. The Income Tax Department will cancel the PAN card as per the law and also impose a fine as a punishment. Also, if there is a discrepancy in the PAN, the bank account can be frozen. The second PAN card should be sent to the department immediately as per the established procedures.
A person providing incorrect PAN information can be fined Rs 10,000 by the Income Tax Department. This provision is especially important while filing Income Tax Return (ITR) form or in other scenarios where PAN card details need to be entered.
Therefore, if you have two PAN cards, you should immediately give one of them to the Income Tax Department.
How to return
- Go to the website of IT department incometaxindia.gov.in.
- Click on ‘Request for new PAN card/change’ or ‘Correction PAN data’.
- Download the form, fill and submit it at any National Securities Depository Limited (NSDL) office.
