PAN Holders Alert! Person holding this type of PAN card may have to pay a fine of Rs 10,000, Check details

The government has recently approved the PAN 2.0 scheme of the Income Tax Department, which aims to streamline and modernize the issuance and management of PAN and TAN.

PAN 2.0 also includes eliminating duplicate PAN cards and preventing fraud. Let us tell you that in recent times, the incidence of fraud through PAN has increased rapidly. The government is preparing to eliminate all loop holes through PAN 2.0. Meanwhile, news is coming that those holding duplicate PAN cards are in trouble now. What is a duplicate PAN card and if someone has it, why will he have to pay a fine of ₹ 10,000. Let’s find out.

– Advertisement –

It is wrong to have more than one PAN card

According to the provisions of the Income Tax Act, 1961, no person can hold more than 1 PAN. If a person has more than one PAN, he will have to bring it to the notice of the Jurisdictional Assessing Officer and get the extra PAN deactivated. If the person does not do this and comes under the notice of the department, he will have to pay a fine. The Finance Ministry has said in a release that better technology will be used to identify duplicate PANs through PAN 2.0. This will reduce the incidence of a person having more than one PAN. That is, the government’s focus is on completely eliminating duplicate PANs.

What will happen if duplicate PAN card is not surrendered?

If you have a duplicate PAN and do not surrender it, the Income Tax Department can impose a penalty of up to Rs 10,000 under Section 272B of the Income Tax Act. To save yourself from paying a penalty, you can file the required form with PAN service providers like NSDL or UTIITSL to surrender your duplicate PAN card. But before surrendering the duplicate PAN card, it is important that your valid PAN is linked to Aadhaar and updated in all financial records including bank accounts, investments and tax filings.

Related Articles:-

FD rate Changed: Axis Bank has revised the interest rate on FD! Check the latest interest rate

Income Tax December Deadline: As the year ends, taxpayers have to settle many tax related matters. Check details

Bank Holiday: All banks are going to remain closed today on Tuesday. see list here

– Advertisement –