PAN card has become a mandatory document when it comes to banking facilities. This card is required at different stages, such as applying for a credit card, cash withdrawal over Rs 50,000, etc. Now, the government and banks have made it mandatory to link PAN cards with Aadhaar and everywhere. Pan cardholders failing to do this might incur a fine of 10 thousand rupees.
Avoid Holding Two Pan Cards
The person holding two or more pan cards may lead paying a huge fine and imprisonment. Also, it can lead to a freeze in the bank account. Thus, a person having two PAN cards must immediately surrender the second PAN card to the concerned department. Moreover, there is a provision for this in Section 272B of the Income Tax Act 1961.
Here Is How To Surrender Another PAN card
As we have said that people holding two pan cards must surrender one. However, the process of surrendering PAN is quite easy. You are required to download a common form from the Income Tax website. Fill in the form details correctly and submit them to any NSDL office. While surrendering the second PAN card, submit the same along with the form. This facility is also available online.