If you have more than one PAN card, be careful. The Income Tax Department has decided to take strict action against those holding duplicate PAN cards. According to the new rules, if you do not surrender your extra PAN card, you may have to pay a fine of Rs 10,000. Let’s understand the changes in the PAN card rules.
What is the Rule?
According to the Income Tax Act of 1961, no one is allowed to have more than one PAN card. If you have a duplicate PAN card, it must be surrendered immediately. If you fail to do so, you could face a penalty. The government is taking this issue seriously and is improving technology to detect duplicate PANs.
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What is the PAN 2.0 Scheme?
The government has recently approved the PAN 2.0 scheme, which aims to simplify and modernize the process of issuing and managing PAN and TAN. The main goal of this scheme is to eliminate duplicate PAN cards and reduce fraud.
What to Do if You Have a Duplicate PAN?
If you have more than one PAN card, you need to surrender the extra one. You can do this through NSDL or UTIITSL by filling out and submitting the required form. Before surrendering, make sure that your valid PAN is linked to your Aadhaar and that all your bank account details, tax records, and investment information are correct.
What is the Penalty for Not Surrendering a Duplicate PAN?
If you do not surrender your duplicate PAN, you may face a fine of Rs 10,000 under Section 272B of the Income Tax Act. To avoid this penalty, take immediate action and surrender the unnecessary PAN card.
Government’s Strict Stand on Duplicate PAN Cards
The government is determined to eliminate duplicate PAN cards and related fraud. New technology is being used to stop people from holding more than one PAN card. If you have a duplicate PAN card, don’t ignore it. Surrender it on time to avoid the penalty.