Government has recently approved the PAN 2.0 scheme of the Income Tax Department, which aims to streamline and modernize the issuance and management of PAN and TAN. Pan 2.0 also includes eliminating duplicate PAN cards and preventing fraud. Let us tell you that in recent times the incidence of fraud through PAN has increased rapidly. The government's preparation is to eliminate all loop holes through PAN 2.0. Meanwhile, news is coming that those having duplicate PAN cards are no longer in good health. After all, what is a duplicate PAN card and if someone has it then why will they have to pay a fine of ₹ 10000. Let us know.
It is wrong to have more than 1 PAN card
As per the provisions of the Income Tax Act, 1961, no person can hold more than 1 PAN. If a person has more than one PAN, he has to bring it to the notice of the Jurisdictional Assessing Officer and get the additional PAN deactivated. If the person does not get this done and comes to the notice of the department, he will have to pay a fine. The Finance Ministry has said in a release that through PAN 2.0, better technology will be used to identify duplicate PANs. This will reduce the incidence of a person having more than one PAN. That means the government's focus is on completely eliminating duplicate PAN.
What will happen if duplicate PAN card is not surrendered?
If you have a duplicate PAN and do not surrender it, the Income Tax Department can impose a penalty of up to Rs 10,000 under Section 272B of the Income Tax Act. To save yourself from paying the fine, you can file the necessary forms with PAN service providers like NSDL or UTIITSL to surrender your duplicate PAN card. But before surrendering the duplicate PAN card, it is important that your valid PAN is linked to Aadhaar and updated in all financial records including bank accounts, investments and tax filings.
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