PAN card holders alert! A single mistake may lead to a whopping Rs 10,000 penalty

Permanent Account Number or PAN Card use has become mandatory for most banking transactions. In fact, like Aadhaar Card, the 10-digit number card is mandatory for availing various welfare measures being run by the government. However, it is important to know that one should fill PAN details very carefully as giving wrong information can lead to an up to Rs 10,000 penalty. In fact, those who have more than one PAN card are also advised to surrender the one that is not in use because it also leads to heavy penalties.

As per the Income Tax Act 1962, the Section 272(B) permits the Income Tax Department to impose penalty of up to Rs 10,000 on the person who has given wrong PAN card information. The Income Tax Department may cancel PAN card for giving wrong information. Even an error in the name is not permitted. So, check each and every detail very minutely after filling your PAN Card details. So, if you are going to file your Income Tax Return (ITR), you are advised to fill your 10-digit PAN details carefully and avoid any kind of penalty.

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It has been found that people apply for the PAN Card and after the completion of the whole process, it gets delayed due to the postage problems. In such a scenario, people apply for another PAN card instead of trying to find out one's PAN card status. Such incidents lead to more than one PAN card being issued to the same person. In such a scenario, the PAN card holder is advised to surrender one's PAN card to the Income Tax Department.

How to surrender a PAN Card?

One can surrender a PAN card both online and offline. For surrender of PAN card, the individual is advised to log in at the Income Tax Department official website — incometaxindiaefiling.gov.in. After logging in at the home page, one needs to click at 'Request For New PAN Card Or/ And Changes Or Correction in PAN Data' to download the form. After filling up the form, one can submit that form and the second PAN Card at any of the NSDL offices. For online, one can submit the filled form and the scan copy of the second PAN Card.