New PAN 2.0 system can catch duplicate PANs easily: Check and surrender duplicate PAN soon as Rs 10,000 penalty may apply
Published in The Economic Times Wealth | November 2024
Avnish Arora, Executive Director, Direct Tax, Forvis Mazars in India, says, "Before imposing any penalty, tax officers must provide the assessee with an opportunity of being heard. Therefore, if a person voluntarily surrenders a duplicate PAN, they will have first to evaluate the reason for having a duplicate PAN. The action of surrendering duplicate PAN may help establish the bonafide of the person, which may assist in mitigating the potential penalty.