Extra PAN Card Surrender: The PAN card, one of the important documents for Indian citizens, will undergo significant changes as announced by the central government. The PAN 2.0 project, which aims to simplify and enhance the process of issuing and managing PAN, tax deductions, and TAN, has been approved by the Cabinet Committee on Economic Affairs (CCEA).
In response to taxpayers’ worries, the Income Tax Department has published a set of frequently asked questions (FAQ) regarding the PAN 2.0 project. One inquiry in the FAQ concerns how to relinquish several PANs and prevent being penalized. As per the Press Information Bureau (PIB), individuals are not allowed to have more than one PAN card as per the regulations of the Income Tax Act of 1961.
One must surrender any extra PANs if they possess more than one PAN card. The PAN 2.0 project’s goal is to decrease the occurrence of individuals possessing multiple PANs. Hence, should you have been given an additional PAN card or come into possession of one, you must promptly notify the Income Tax Department and void it. According to the Income Tax Act, it is not permitted for any individual to possess more than one PAN.
A penalty of Rs 10,000 can be levied by the Income Tax Officer if you possess…
As per Section 272B of the Income Tax Act, a penalty of Rs 10,000 can be levied by the Income Tax Officer if you possess multiple PAN cards. As stated on PAN service website Protean, you must request a PAN change from the Income Tax Department, including your current PAN number. Besides that, you must also specify the total count of accidental PANs issued. In addition to this form, individuals must also provide copies of Form 11 and the applicable PAN card for surrender.