Attention PAN card holders..! Do this immediately..!

Sowmiya Sriram
Attention PAN card holders..! Do this immediately..!
PAN card has become an important document that everyone must have, PAN card serves as an important document for various official functions starting from money transfers. Nowadays PAN card is the first document required to open a bank account, PAN card is also required for depositing more than a certain amount into the bank account. PAN card has become an important part of money transactions in all places like banks and many government offices. people often make some mistakes when it comes to PAN cards, and due to the mistakes people make in some things, sometimes they may even incur huge financial losses.
Government of india rules require a person to have only one PAN card, which means if you have two PAN cards you will be penalized heavily. Under Section 272B of the Income Tax Act 1961, it has the power to take action against you and freeze your bank account. Apart from this, you will also have to pay a penalty of Rs 10,000, whereas holders of two PAN cards also have the option of not paying the penalty. That means you have to surrender the second PAN card you have to the income tax department, now we will see here about the PAN card surrender process.
1) Go to the Income Tax Department's official website www.incomettaxindia.gov.com.


2) Click on the link 'Request for New PAN Card and Changes or Correction in PAN Data.
3) Now download the form.
4) Fill in the required information in the form.
5) Visit any NSDL office and submit the form.
6) You have to submit your second PAN card along with the filled form.
For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

PAN card

Related Articles: