More than two PAN cards can penalty you ₹ 10000

Funds Instructor10 Sep, 2020Finance

If someone has two PAN cards, then he can be fined ? 10000 under the Income Tax Act, 1961. In also addition under section 272B of the Income Tax Act, 1961, the Income Tax Department might impose a penalty of ? 10000 if someone has given incorrect PAN card information. In such a situation the Income Tax Department may cancel the PAN card for incorrect information.