PAN 2.0 scheme - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Wed, 11 Dec 2024 08:12:59 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png PAN 2.0 scheme - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Multiple PAN Cards: THESE PAN card holders may be fined Rs 10,000, know the rules https://www.rightsofemployees.com/multiple-pan-cards-these-pan-card-holders-may-be-fined-rs-10000-know-the-rules/ Wed, 11 Dec 2024 08:27:56 +0000 https://www.rightsofemployees.com/?p=36592 If you have more than one PAN Card, be cautious. The Income Tax Department has now decided to take strict action against those holding duplicate PAN Cards. Under the new rules, if you do not surrender your duplicate PAN card, you may have to pay a fine of Rs 10,000. Let us know what changes […]

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]]> If you have more than one PAN Card, be cautious. The Income Tax Department has now decided to take strict action against those holding duplicate PAN Cards. Under the new rules, if you do not surrender your duplicate PAN card, you may have to pay a fine of Rs 10,000. Let us know what changes have been made in the rules related to PAN.

What are the rules?

According to the Income Tax Act 1961, no person can have more than one PAN card. If someone has a duplicate PAN card, he must surrender it immediately. If you do not do so, you may have to face a penalty. The government has taken this issue seriously and technology is being improved to identify duplicate PANs.

What is PAN 2.0 scheme?

The government has recently approved the PAN 2.0 scheme, which aims to simplify and modernize the issuance and management of PAN and TAN. The main objective of the government through this new scheme is to eliminate duplicate PAN cards and curb fraud.

What to do if you have a duplicate PAN?

If you have more than one PAN card, you will have to surrender it. This work can be done through NSDL or UTIITSL. For this, you will have to fill and submit the necessary form. But before surrendering, make sure that your valid PAN is linked to Aadhaar and all the information related to your bank account, tax records and investments is correct.

Why and how much will the fine be imposed?

If you do not surrender your duplicate PAN, you will have to pay a fine of Rs 10,000 under section 272B of the Income Tax Act. So to save yourself from trouble, take immediate action and surrender the unnecessary PAN card.

tough stand of the government

The government wants to completely eliminate duplicate PAN cards and fraud related to PAN. For this, new technology is being used so that incidents of a person having more than one PAN card can be stopped.

If you also have a duplicate PAN card, do not ignore it. Surrender it in time and avoid fines.

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]]> PAN Holders Alert! Person holding this type of PAN card may have to pay a fine of Rs 10,000, Check details https://www.rightsofemployees.com/pan-holders-alert-person-holding-this-type-of-pan-card-may-have-to-pay-a-fine-of-rs-10000-check-details/ Tue, 03 Dec 2024 11:28:03 +0000 https://www.rightsofemployees.com/?p=36313 The government has recently approved the PAN 2.0 scheme of the Income Tax Department, which aims to streamline and modernize the issuance and management of PAN and TAN. PAN 2.0 also includes eliminating duplicate PAN cards and preventing fraud. Let us tell you that in recent times, the incidence of fraud through PAN has increased […]

The post PAN Holders Alert! Person holding this type of PAN card may have to pay a fine of Rs 10,000, Check details first appeared on Rightsofemployees.com.

]]> The government has recently approved the PAN 2.0 scheme of the Income Tax Department, which aims to streamline and modernize the issuance and management of PAN and TAN.

PAN 2.0 also includes eliminating duplicate PAN cards and preventing fraud. Let us tell you that in recent times, the incidence of fraud through PAN has increased rapidly. The government is preparing to eliminate all loop holes through PAN 2.0. Meanwhile, news is coming that those holding duplicate PAN cards are in trouble now. What is a duplicate PAN card and if someone has it, why will he have to pay a fine of ₹ 10,000. Let’s find out.

It is wrong to have more than one PAN card

According to the provisions of the Income Tax Act, 1961, no person can hold more than 1 PAN. If a person has more than one PAN, he will have to bring it to the notice of the Jurisdictional Assessing Officer and get the extra PAN deactivated. If the person does not do this and comes under the notice of the department, he will have to pay a fine. The Finance Ministry has said in a release that better technology will be used to identify duplicate PANs through PAN 2.0. This will reduce the incidence of a person having more than one PAN. That is, the government’s focus is on completely eliminating duplicate PANs.

What will happen if duplicate PAN card is not surrendered?

If you have a duplicate PAN and do not surrender it, the Income Tax Department can impose a penalty of up to Rs 10,000 under Section 272B of the Income Tax Act. To save yourself from paying a penalty, you can file the required form with PAN service providers like NSDL or UTIITSL to surrender your duplicate PAN card. But before surrendering the duplicate PAN card, it is important that your valid PAN is linked to Aadhaar and updated in all financial records including bank accounts, investments and tax filings.

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