Braking News : Do you have two PAN cards? Immediately submit a PAN, otherwise it will cost so much

PAN Card: Any Indian citizen can have a PAN card. Actually, PAN card is one of those important documents like Aadhar card, which is always needed.

Especially for carrying out financial tasks. In such a situation, the question arises whether a person can keep more than one pancard. So there is no response to this. No person can hold more than one pancard.

What the Income Tax Act says: No citizen can have two PAN cards. According to section 139A of the Income Tax Act 1961, a person can have only one PAN card. At the same time, in addition to section 139A of the Income Tax Act, 1961, many information has also been given. According to the rule of 139A, if a person has applied for a PAN card, and already has a PAN card, then the person will have to surrender the PAN card. And if he does not do so, he will have to pay the penalty.

Also Read: Not one or two, but these 6 ways can verify your ITR

How much penalty to pay: According to the Income Tax Act, if someone has two PAN cards and has not submitted a PAN card, then he can be fined under Section 272B of the Income Tax Act. The person who violated the Act has been given the right to impose a fine of Rs 10,000.

Linking of bank account with PAN is very important: The government has made it mandatory to link bank account and PAN card with Aadhar card. In such a situation, having two PAN cards is not free from danger, if a person already has a PAN card, then he has been given the option to surrender online. There is a provision of depositing PAN card in offline mode also.

How much will have to be paid for surrender: If a person wants to surrender his PAN card, then that person will have to pay a processing fee of Rs 110. This fee will be charged when the correspondence is happening inside the country. But if the correspondence address is outside India, then processing fee of Rs 1020 will have to be paid. Payment of this amount can be made through demand draft, debit card or credit card of any bank.