Attention PAN card holders! Here are some crucial details for you. A PAN card, or permanent account number, is an essential document for all financial transactions. Even though the PAN is required for almost everything, carrying it around can be risky. You don’t want an increase in the likelihood of losing it.
The Income-tax Authority uses the PAN Card to keep track of all financial transactions, which is helpful in determining an individual’s or company’s tax liability and reduces the likelihood of tax evasion.
However, there are a few things we need to take care of. For a minor lapse, a person must pay a Rs 10,000 fine.
In addition to carefully filling out the 10 digits of the information, a person only needs to have one PAN card. A fine can be imposed on a person who possesses two PAN cards. In accordance with the law, the I-T Department will issue a fine and cancel the PAN card. Additionally, a bank account may be frozen in the event of a PAN deficiency. In accordance with the established procedures, the second PAN card must be sent to the department immediately.
The I-T Department has the authority to impose a penalty of Rs 10,000 on anyone who provides incorrect PAN information. This clause is especially crucial when filling out the Income Tax Return (ITR) form or entering PAN card information in other situations.
Therefore, you should give the Income Tax Department one of your two PAN cards right away if you have them. If you choose to do this willingly, you won’t be sued. This can be done both online and offline.
How to surrender your second PAN card?
Go to incometaxindia.gov.in, the website of the IT department.
“Request for new PAN card/change” or “Correction PAN data” should be clicked.
Fill out the form on the website and drop it off at any National Securities Depository Limited (NSDL) location.
The most crucial document required for opening a bank account, completing a KYC, and other services include the PAN. If you don’t have one, you’ll miss out on important things like making purchases over a certain amount and getting a credit or debit card, among other things.
How to get a PAN right away?
- 1. log in to the Income Tax website https://www.incometax.gov.in/iec/foportal.
- 2. Now click on ‘Instant e-PAN’.
- 3. Next, click on ‘New e-PAN’.
- 4. Now you enter your PAN number.
- 5. If you do not remember your PAN number, then enter your Aadhaar number.
- 6. There are many terms and conditions given here, read them carefully then click on ‘Accept’.
- 7. Now OTP will come on your registered mobile number, write it.
- 8. Now ‘Confirm’ after reading the given details.
- 10. Now your PAN will be sent to your email id in PDF format.
- 11. From here you can download your ‘e-PAN’.
It should be noted that obtaining an instant PAN Card does not require payment of any fees or charges. The e-PAN facility allows applicants with a valid Aadhaar number to receive an Instant PAN in close to real time. The PAN is provided to applicants for free in the format of a PDF.
If you have your PAN number but are unable to download it using the method described above, you can try downloading it from the TIN-NSDL or UTIITSL websites, depending on where your original PAN card was generated.
