How Much Pentaly You Should Pay If You Do Not Apply for PAN 2.0 ?
These kinds of queries are common. You will be penalized if you fail to obtain a PAN card created under PAN 2.0. Allow us to explain the guidelines in this regard. To reside in india, a person must have a lot of paperwork. One of the most crucial of these documents is a PAN card. A PAN card is required for all banking-related tasks. A PAN card is also required if you wish to file an income tax return.
In india, there are no limitations on creating a PAN card. A PAN card may be applied for by anyone. However, a citizen is only eligible for a PAN card once. Possessing two PAN cards is prohibited. The regulations pertaining to PAN cards in india have changed recently. The PAN 2.0 project has been started by the government. under which people will now receive high-tech PAN cards. Will everyone, however, need to have this PAN card made?
Will a person be penalized if he fails to obtain a PAN card created under PAN 2.0? Such questions are on the minds of many individuals. Additionally, if you are thinking the same thing, let us clarify that the government will not levy a fine. In light of this, the government has said that those who currently possess a PAN card are exempt from applying for a new PAN card under PAN 2.0. Everyone will receive new PAN cards from the government itself.
People's old PAN card will still be valid until they receive the new, high-tech card. However, if a person has to change any information on his PAN card, he will only receive a new PAN card under PAN 2.0 when he orders an updated PAN card. In india, it is not permitted to hold more than one PAN card. A person should turn in one of their PAN cards to the Income Tax Department if they have two. If not, there might be a punishment of up to Rs 10,000.
In india, there are no limitations on creating a PAN card. A PAN card may be applied for by anyone. However, a citizen is only eligible for a PAN card once. Possessing two PAN cards is prohibited. The regulations pertaining to PAN cards in india have changed recently. The PAN 2.0 project has been started by the government. under which people will now receive high-tech PAN cards. Will everyone, however, need to have this PAN card made?
Will a person be penalized if he fails to obtain a PAN card created under PAN 2.0? Such questions are on the minds of many individuals. Additionally, if you are thinking the same thing, let us clarify that the government will not levy a fine. In light of this, the government has said that those who currently possess a PAN card are exempt from applying for a new PAN card under PAN 2.0. Everyone will receive new PAN cards from the government itself.
People's old PAN card will still be valid until they receive the new, high-tech card. However, if a person has to change any information on his PAN card, he will only receive a new PAN card under PAN 2.0 when he orders an updated PAN card. In india, it is not permitted to hold more than one PAN card. A person should turn in one of their PAN cards to the Income Tax Department if they have two. If not, there might be a punishment of up to Rs 10,000.