A PAN card is considered one of the most crucial documents for Indian citizens. It is mandatory for various transactions like opening a bank account, buying a vehicle, or purchasing any property. However, it is important to take necessary precautions while using the PAN card; otherwise, you may be fined up to Rs. 10,000.
One should be careful while filling out PAN details anywhere. The PAN card contains the first 5 English letters, followed by four digits, and finally, an English letter. It is essential to remember this while filling out any PAN details. Many people need clarification regarding the placement of a zero or an English letter.
According to Section 272 B of the IT Act-1961, providing false PAN details is considered a legal offence. It is also a crime to provide false information while filing IT returns. In such cases, a fine of up to Rs. 10,000 has to be paid. Hence, it is crucial to provide accurate PAN details everywhere.
Possessing two PAN cards is also a legal offence. If anyone is found guilty of having two PAN cards, they will have to pay a heavy fine, and their bank account may also be frozen. Many people apply for a new PAN card without correcting any mistakes, which leads to the issuance of multiple PAN cards. However, it is better to check the PAN status before applying for a new one.
In case anyone possesses two PAN cards, they should give one of them back immediately. To delete a PAN card offline, one should fill out the details in form 49A, write a letter to the concerned officer of the Income Tax Department, and submit the information at the nearest NCDCL centre. They should take a receipt for the submission of a duplicate PAN. For online deletion, one should visit the PAN service portals and click on change or correction, enter their complete details, and update the PAN card.
