PAN Card holders must avoid THESE mistakes to avoid paying penalty of Rs 10,000

PAN card holders alert! Here is some important information for you. A permanent Account Number, or PAN card, is an important document for all kinds of financial transactions. The PAN is necessary for almost everything, but carrying it around with you can be a bit risky. The chances of losing it also increase and you don't want that.

PAN Card is also an important document helps that the Income-tax Authority in keeping a track of all financial transactions that may be essential in assessing an individual or company's tax liability, it helps in reducing the chances of tax evasion.

However, we need to take care of a few things. An individual need to pay a fine of Rs 10,000 for a slight lapse.

A person must only own one PAN card in addition to carefully filling out the 10 digits of the information. A person who has two PAN cards is liable to pay a fine. The I-T Department will cancel the PAN card and impose a fine as a punishment, in accordance with the law. Additionally, if there is a lapse in PAN, a bank account may get frozen. The second PAN card must be sent to the department right away in accordance with the established procedures.

A person who provides inaccurate PAN information may be penalised Rs 10,000 by the I-T Department. This provision is particularly important at the time of filing the Income Tax Return (ITR) form or in other scenarios where PAN card details need to be entered.

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So, if you have two PAN cards, you should immediately give the Income Tax Department one of them. You won't face legal action if you choose to do this willingly. Online and offline options are available for this.

Steps to surrender your second PAN card

• Visit IT department's website incometaxindia.gov.in.
• Click on ‘Request for new PAN card/change’ or ‘Correction PAN data.’
• Download the form, fill it up, and submit it at any National Securities Depository Limited (NSDL) office.

PAN is the most important document required in filing income tax returns and other facilities like opening a bank account, KYC, and others. If you don’t have one, then you are definitely going to lose out on important things such as transactions over a fixed amount and getting a credit or debit card among others.

Steps to get instant PAN

• 1. log in to the Income Tax website https://www.incometax.gov.in/iec/foportal.
• 2. Now click on 'Instant e-PAN'.
• 3. Next, click on 'New e-PAN'.
• 4. Now you enter your PAN number.
• 5. If you do not remember your PAN number, then enter your Aadhaar number.
• 6. There are many terms and conditions given here, read them carefully then click on 'Accept'.
• 7. Now OTP will come on your registered mobile number, write it.
• 8. Now '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 charges for getting e-PAN

It is to be noted that no fees or charges are required for getting an instant PAN Card. The e-PAN facility is for the allotment of Instant PAN (on a near-real-time basis) for those applicants who possess a valid Aadhaar number. PAN is issued in PDF format to applicants, 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 then try downloading it from the website of TIN-NSDL or UTIITSL websites depending on where your original PAN card was generated.