Warning for PAN card holders: Here are important details regarding the PAN card. PAN (Permanent account number) card is a crucial document for all types of financial operations and transaction. It is not only used for financial operations but also accepted as the valid proof of identity, age and many more things anywhere in the country.
Pan card is needed for large number of activities financial and nonfinancial both. It helps the Income-tax Authority in keeping track of all financial transactions that may be necessary in determining a person’s or a business’s tax responsibility and lessens the likelihood of tax evasion.
There are a few things that we must keep in mind. A slight mistake can make you to pay Rs 10,000 as fine.
Warning for PAN card holders: A person must carefully fill out the 10 digits of information and only have one PAN card. If a person possesses two PAN cards, they must pay a fine. In compliance with the law, the I-T Department will cancel the PAN card and levy a fine as punishment. Furthermore, if a PAN expires, a bank account could be frozen. In accordance with the established processes, the second PAN card must be sent to the department immediately.
The I-T Department may fine a person Rs 10,000 if they provide false PAN information.
So, if you have two PAN cards, you should give one of them right away to the Income Tax Department. If you voluntarily do this, you won’t be prosecuted. There are both online and offline methods for this.
Warning for PAN card holders: Surrender second PAN; steps here:
- Click at the IT department’s website incometaxindia.gov.in.
- Select ‘Request for new PAN card/change’ or ‘Correction PAN data’
- Now, download the form, fill it up, and submit it at any National Securities Depository Limited (NSDL) office.
PAN Card is the most crucial document needed for submitting income tax returns as well as other services like opening a bank account, KYC, and others. You will undoubtedly miss out on crucial opportunities if you don’t have one, including getting a credit or debit card and transactions exceeding a certain threshold.
How to get instant PAN card; steps here
- First log in to the Income Tax website https://www.incometax.gov.in/iec/foportal
- Now select ‘Instant e-PAN’
- Next, choose ‘New e-PAN’
- Now enter your PAN number
- If you do not remember your PAN number, then enter your Aadhaar number
- read carefully terms and conditions given there and then click on ‘Accept’.
- Now OTP will come on your registered mobile number, write it.
- ‘Confirm’ after reading the given details.
- Your PAN will be sent to your email id in PDF format.
- Now you are able to download your ‘e-PAN’.
- No fee for instant PAN card
It is important to inform that there are no fees or costs charged to obtain instant PAN Card. The e-PAN capability allows applicants who have a valid Aadhaar number to be assigned an Instant PAN (near-real-time basis). PAN is sent to applicants in PDF format, free of charge.
You can try downloading it via the TIN-NSDL or UTIITSL websites, depending on where your original PAN card was produced, if you have your PAN number and for some reason are unable to do so using the preceding approach.