PAN Card Update: If You Have 2 PAN Cards Then Surrender One Immediately Or Pay Hefty Fine | Details And Process Inside

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PAN Card Latest News: In today’s time, the PAN card is a mandatory document. Without this, no financial transaction can take place. It is required to do every financial transaction and to open an account in the bank. From bank to office, you cannot do any financial work without it. But do you know that a mistake related to the PAN card can cause you a big financial loss?

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Have two PAN cards? Surrender one immediately

If you have two PAN cards then you may have to pay a big fine. This may freeze your bank account. Apart from this, you may also have to pay a fine of Rs 10 thousand. Therefore, if you have two PAN cards, then immediately surrender your second PAN card to the department. There is also a provision for this in section 272B of the Income Tax Act 1961.

This is how to surrender spare PAN card

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1. The process of surrendering PAN card is easy. There is a common form for this which you have to fill.
2. For this, you go to the Income Tax website.
3. Now click on the link ‘Request For New PAN Card Or/ And Changes Or Correction in PAN Data’.
4. Download the form now.
5. Now after filling the form, go to any NSDL office and submit it.
6. While surrendering the second PAN card, submit the same along with the form.

You can also do this online.

Let us tell you that two different PAN cards in the name of the same person at the same address fall in this category. If you also have two PAN cards, then one has to be surrendered.