Permanent Account Number or PAN is ans unique identification number issued by the Income Tax Department to every tax paying entity(individual or company). The 10-digit alphanumeric number is used as an identity proof for various banking and other financial transactions.
An individual’s PAN helps the I-T department track all the financial transactions done through the legitimate route so that it can ascertain the actual earning of an individual or company.
Under section 139A of Income-Tax Act, 1961 one person can have only one PAN card. The PAN remains the same even if the PAN holder changes his address. It is illegal to possess more than one PAN card. Any person caught with two or multiple PAN cards can face legal action or financial penalty.
As per the Section 272B of the Income-Tax Act, a penalty of Rs 10,000 can be levied on possession of multiple PAN. Therefore, if you have two or more PAN, then you should surrender the additional PAN. One can surrender additional PAN online as well.
Here is the step by step process to surrender additional PAN online
1. Visit NSDL website (https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html)
2. On the Online PAN application page, in ‘Application Type’ drop-down select ‘Changes or Correction in existing PAN Data/Reprint of PAN Card’ option, fill out your personal details and Captcha. Click submit.
3. After this, you will be redirected to a new page. Here a token number will be displayed. Now tick the option ‘Submit scanned images through e-Sign’ and under that mention the PAN number you want to retain. Click ‘Next’.
4. On the Contact & other details page, mention your address for communication and at the bottom of the page, mention the additional PANs that you want to surrender. Click on ‘Next’.
5. On the next page opened, select proof of identity, residence and date of birth you wish to submit. After this, upload the scanned images of your photo, signature and the required documents……Read More>>