Permanent Account Number (PAN): A 10-digit unique alphanumeric number issued by the Income Tax (I-T) Department, PAN card is used for many important works across the country. It is an important document which every citizen must have as financial details are required to be filled up/shared for different purposes. However, an individual must take care of a few vital things. A person may have to pay a fine of Rs 10,000 for a slight lapse.
PAN Card Users Alert: To avoid getting into any legal trouble or monetary loss, an individual need to fill the 10 digit PAN number with utmost care. An individual has to pay a fine, if any spelling mistake is made while filing the PAN details. Further, if any person has two PAN cards, he/she will have to pay a heafty sum as fine amount.
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Fill the 10 digit PAN card number carefully: Beside just filing up the 10 digits details carefully, an individual must keep only one PAN card in possession. If an individual have two PAN cards, he/she is liable to pay fine.
The I-T Department can cancel such PAN card and will charge a heavy fine, as per the rules. If there is any lapse in PAN card, bank account may get frozen. So, a person must surrender the second PAN card to the department immediately, following the prescribed guidelines.
Under Section 272B of the I-T Act, 1961, a person providing incorrect PAN information can be fined Rs 10,000 by the I-T Department. This provision is particularly applicable at the time of filing Income Tax Return (ITR) form or in other cases where PAN card details need to be entered.
Two PAN cards :
Often when people apply for a new PAN card it does not reach them on time and they reapply for another PAN card. If he/she receives two PAN cards with the same name and address, they must surrender one card. However, both the numbers on two separate cards are different, but according to the rule, an individual must have only one PAN card in possesion.
How to surrender the second PAN Card?
Both online and offline methods can be adopted to surrender the second PAN. There are forms for surrendering PAN card. It can be downloaded from the Income Tax website by clicking on the Request For New PAN Card Or/ And Changes Or Correction in PAN Data link on the website.
After this the form can be filled and submitted to any National Securities Depository Limited (NSDL) office. While surrendering the second PAN card, submit the card along with the form. This is also possible online.
Rs 10,000 fine provision:
Under Section 272B of the Income Tax Act, 1961, an individual can be fined Rs 10,000. Hence, it is necessary that if two PAN acrds have come in someone’s name, then he/she should immediately surrender one card to the department.
How to apply for PAN Card correction online:
1) Visit Protean eGov Technologies Limited or the UTIITSL portal
2)Fill in the PAN Change Request Form online.
3) Mention your PAN number correctly
4) Select the checkbox next to the parameters that you wish to change.
5) If you are changing how your name is spelt, enter the correct spelling, and select the checkbox on the left margin.Note: If you do not select the checkbox, the change will not be made.
6) Check all your details and submit the form.
7) Once your changes have been confirmed, a 15-digit acknowledgement number will be displayed. Save, this number as it is required for further communication or to track your application status.
8) Make the payment, take a print out of the acknowledgement, attach the required documents.
9) Send it to the Income Tax PAN Services Unit (Managed by Protean eGov Technologies Limited).
10) If you are submitting the document on the UTIITSL website, you will have to send the required documents to any one of the UTIITSL offices in Mumbai, Kolkata, New Delhi, or Chennai.
How to apply for PAN Card correction offline :
1) Download and print the PAN correction form.
2) Fill it and submit it to your nearest Protean eGov Technologies Limited or UTIITSL centre.
3) Submit required documents.
4) While filling in the details, remember to tick the box on the left margin for details that you would like changed on your PAN card.
Use of PAN card:
If a person makes Rs 2.5 lakh transactions annually, then PAN card will be required. PAN is mandatory for business establishments with a turnover of more than Rs 5 lakhs. PAN is necessary if you are buying a car, bike or any other vehicle. PAN is mandatory for sale of immovable property above Rs 10 lakhs. Also, PAN is necessary for any goods and services worth more than 2 lakhs.
