Utility: If you want to avoid a fine of Rs 10,000, then PAN cardholders should not commit these mistakes!
Here is some important information for PAN card holders. A Permanent Account Number, or PAN card, is an important document for all types of financial transactions. A pan is essential for almost everything, but carrying it with you can be a bit risky. The chances of losing it also increase and you don't want that.
A PAN card is also an important document that helps the income tax authority to keep track of all the financial transactions which may be required in assessing the tax liability of an individual or company, it helps in reducing the chances of tax evasion. Is.
However, we must keep a few things in mind. For minor defaults, a person will have to pay a fine of Rs 10,000.
Apart from carefully filling in the 10 digits of the information, a person should have only one PAN card. A person who has two PAN cards is liable to pay a fine. The IT department will cancel the PAN card and impose a penalty as per law. Additionally, if the PAN defaults, the bank account may get frozen. The second PAN card should be sent to the department immediately as per the established procedures.
A person who provides wrong PAN information can be fined Rs 10,000 by the IT department. This provision is especially important at the time of filing the Income Tax Return (ITR) form or in other scenarios where PAN card details need to be entered.
So, if you have two PAN cards, you should immediately give one of them to the Income Tax Department. You will not face legal action if you voluntarily choose to do so. There are online and offline options available for this.
Steps to surrender your second PAN card
Go to the website of the IT department incometaxindia.gov.in.
Click on 'Request for new PAN card/change' or 'Correction PAN data.'
Download the form, fill it and submit it to any National Securities Depository Limited (NSDL) office.
PAN is the most important document required for filing income tax returns and other facilities like an opening bank account, KYC, and more
Steps to get instant PAN
1. Log on to the Income Tax website https://www.incometax.gov.in/iec/foportal.
2. Now click on 'Instant e-PAN'.
3. Then click on 'New e-PAN'.
4. Now enter your PAN number.
5. If you do not remember your PAN number, enter your Aadhaar number.
6. There are several terms and conditions, read them carefully and then click on 'Accept'.
7. Now OTP will come on your registered mobile number, write it.
8. Now click on 'Confirm' after reading the given details.
10. Now your PAN will be sent to your email ID in PDF format.
11. From here you can download your 'e-PAN'.
No fee for obtaining e-PAN
It is to be noted that no fee is required to get an instant PAN card. The e-PAN facility is for instant allotment of PAN to applicants who have a valid Aadhaar number. PAN is issued to applicants in PDF format, which is free of cost.
If you have your PAN number and for some reason, you are unable to download it using the above method, you can try to download it from the website of TIN-NSDL or UTIITSL websites.