New Delhi: PAN card is an essential document. No financial transaction can be completed without this card. It is required for every financial transaction and bank account opening. Without this, you cannot do any economic activity from bank to office. Linking PAN card with Aadhaar number is now mandatory everywhere. Remind you that a mistake in your PAN card can attract a fine of Rs 10,000.
Wherever you are entering the PAN number, carefully fill the ten digit PAN number printed on the PAN card. In this case, the slightest misspelling or numerical error can result in severe punishment.
Also, even if you have two PAN cards, you can be fined heavily. Because of this your bank account may be frozen. Consequently, if you have two PAN cards, your second PAN card will have to be submitted to the department immediately. There is also a provision for this in section 272B of the Income Tax Act of 1961.
The process to drop your PAN is simple. This can be done in various ways. It is available for download on the IRS website. You can access the form by visiting the website and clicking on the link “Request for New PAN Card or/and Change or Correction in PAN Data”. Fill the form and return it to any NSDL office.
Submit the second PAN card along with the form while surrendering the first. You can also do this over the Internet. This category includes two different PAN cards issued in the name of the same person and sent to the same address. If you have two PAN cards, you will have to surrender one of them.
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