Govt to impose Rs 10,000 penalty on duplicate PAN card holders
September, 27th 2006
The government today warned the estimated 13 lakh duplicate PAN (Permanent Account Number) card holders of a penalty of Rs 10,000 if they do not surrender these by the December 31 deadline.
After December 31, this year we will cancel all duplicate PAN cards, Central Board of Direct Taxes spokesman said A K Sinha.
However, if the duplicate PAN card holders are found to be using these cards for fraudulent purposes, they will be fined Rs 10,000 under Sec 272 (b) of the Income Tax Act.
Before taking such action, the department will issue show cause notice to the person concerned and give him ample chance to prove his innocence, Sinha said, adding there may be innocent tax payers using dupliacte cards unknowingly.