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 of what you should do.
Why can a fine?
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.
Income tax also has provision:
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, section 272B of the Income Tax Act 1961 provides that a fine of Rs 10,000 can be imposed for holding two PAN cards.
How to surrender PAN card?
- For this go to 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 link Request for New PAN card or/end changes or correction in PAN data by clicking You will also have to submit another PAN card.
- You can also do this process online.
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