How to Surrender a Duplicate PAN Card: Everyone is using PAN Card. Now it has become necessary to have it with the common citizen. In such a situation, PAN information has to be filled in the bank and any other work. But for this you also have to be alert. Because if you have entered any wrong information related to PAN by mistake, then you may have to pay a fine of up to Rs 10000. Fill the ten digit PAN number very carefully. Any spelling mistake in this can send you towards a heavy penalty. Apart from this, if you are using two PAN cards, then you will have to pay a hefty fine.
The Income Tax Department can also cancel your valid PAN card along with imposing a big penalty. If you do not have PAN, your bank account can be frozen. Therefore, you will have to surrender your second PAN card to the department immediately.
Under Section 272B of the Income Tax Act, 1961, the Income Tax Department can impose a penalty of Rs 10,000 on the person giving wrong PAN information. This provision is especially applicable when filling up the ITR form or in other cases where PAN card details are required to be entered.
Do you also have 2 PAN cards?
Actually what happens is that when people apply for PAN card and they cannot reach them, then they apply for another PAN. In such a situation, two PANs come to them and that too on one name-address. However, both the numbers are different. But this is a big crime.
10 thousand fine will be imposed for holding 2 PAN cards
Under section 272B of the Income Tax Act, 1961, you can be fined 10 thousand rupees. Therefore it is necessary that if two PANs have come in someone’s name, then he should return one card to the department.
How to return pan card
Both online and offline methods can be adopted to return the second PAN. There are common forms for surrendering PAN. It can be downloaded from the Income Tax website. Clicking on the Request For New PAN Card Or/ And Changes Or Correction in PAN Data link on the website will download the form. After this the form can be filled and submitted to any NSDL office. While surrendering the second PAN card, submit the same along with the form. This is also possible online.