Big news for PAN Card holder’s. The government is looking to enhance all services related to PAN by rolling out upgraded e-governance. They’ve introduced PAN 2.0 with the goal of completely getting rid of duplicate PAN cards. If you happen to have more than one PAN card, it’s time to be careful.
The Income Tax Department is stepping up its game against those holding duplicate PAN cards. There’s a new rule in place: if you don’t hand over your extra PAN card, you could face a fine of up to Rs 10,000. So, it raises the question—how appropriate is it to have multiple PAN cards?
According to the Income Tax Act of 1961, no taxpayer or non-taxpayer is allowed to possess more than one PAN card. If you find yourself with a duplicate PAN card, whether by mistake or on purpose, you need to surrender it right away. Failing to do so could lead to serious consequences from the government, which is taking this issue very seriously and using new tech to track down duplicate PAN cards.
What’s the deal with the PAN 2.0 scheme and what’s it all about?
The government has just given the green light to the PAN 2.0 scheme. This initiative aims to simplify and modernize the management of PAN and TAN. Its main goal is to eliminate duplicate PAN cards and curb any potential fraud. Additionally, the government wants to make the PAN and TAN processes quicker and more user-friendly than ever. With this scheme, they’re leveraging new technology to ensure that each person has only one PAN card, preventing any kind of fraud.
If you find yourself with two PAN cards, it’s important to get rid of the extra one right away. Start by visiting the NSDL or UTIITSL website. There, you’ll need to fill out the form to surrender your PAN. Don’t forget to attach the required documents and submit everything. Once you do this, you’ll receive a receipt for the surrendered PAN card, so make sure to keep it safe for your records.
Before you go ahead and surrender your PAN, remember that your valid PAN should be linked to your Aadhaar. Double-check that your bank account details, tax records, and investments are all accurate. If one of your PAN cards has incorrect information, don’t surrender that one; just get rid of the duplicate or unnecessary card. If you take care of this promptly, you can avoid any issues or penalties.
What happens if you don’t surrender the duplicate PAN card? Well, you could face a fine of up to Rs 10,000. Under section 272B, not surrendering a duplicate PAN can lead to penalties, and it might also complicate your tax filings and cause issues with banking and financial transactions.