Right now PAN card is a very important document. Without this, all the work related to your banking and income tax returns gets stuck. Recently, PAN 2.0 has been launched by the Government of India. Under this, new PAN cards will now be issued to all the people.
PAN 2.0
Nonetheless, individuals who currently possess a PAN card. He will not seek this. The government will issue them new PAN cards automatically. There will be no additional fees for this service. Regarding security and features, PAN 2.0 will surpass the previous PAN card. A QR code will be included. This will include comprehensive details regarding the user.
If a person possesses PAN 2.0. Therefore, it is essential to return the old PAN card. If an individual already possesses a PAN card. If he requests a new PAN card and receives a different one, individuals who take this step can encounter significant issues. According to the regulations of the Income Tax Department, a citizen is allowed to possess only one PAN card. If an individual possesses two PANs, it is required to cancel one.
If an individual fails to comply, then measures may be enforced according to the regulations of the Income Tax Department. Individuals with duplicate PAN cards may face a penalty of up to Rs 10,000 in accordance with Section 272B of the Income Tax Department.
