If you do not own another PAN, if this happens then you will have to pay a penalty.
Permanent Account Number (PAN) is a unique number with ten digits. Which is presented in the form of a laminated card by the Aikar Department? This is most needed for taxpayers. The government does not allow anyone to hold more than one PAN card. If that happens, anyone can have another copy of the PAN card. But a separate PAN number cannot be assigned to his name.
As per Section 272B of the Aikar Act, 1961, if anyone else holding a PAN, in this case, is fined Rs 10,000. Even so, people are advised if anyone has two pans they should surrender as soon as possible.
If you provide a base number instead of a pan, it is important to link these two items inside. And if this thing doesn’t happen then another PAN card may come up. And you can run into big trouble. In fact, the Central Board of Direct Taxes recently issued a notification on August 30. That said if someone gives an Aadhaar number without a PAN for a financial transaction. So the Icar department will consider this thing as an auto application for PAN, after which a new PAN will be introduced.
So if you have more than one PAN card you should surrender it, you can do this online. It also doesn’t put you in danger of being penalized. According to the rules, a fine of up to Rs. To surrender the PAN, you must first click on the NSDL website. Go to ‘Request For New PAN Card Or / And Changes Or Correction in PAN Data’. Fill in your information, submit this information. This form needs to be filled out so that you know that the second pan has been allotted incorrectly. That you want to surrender.