What happens if you have more than one PAN card? As an income tax-payer, you should be very worried

What happens if you have more than one PAN card? As an income tax-payer, you should be very worried

PAN or Permanent Account Number serves as a unique number for an income tax-payer and no one is allowed to hold more than one PAN number. Also, no two individuals or entities can hold the same PAN number as per the income tax rules. Now it is mandatory to quote PAN while making big purchases or banking transactions. No individual can avail of any kind of loan from an institution without quoting his/her PAN details.

What if you have two PAN cards?

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If, for any reason, you have acquired two PAN cards, then you must surrender the additional card immediately. Sometimes, on applying for a PAN online, it gets delayed and does not reach the tax-payer physically. The individual re-applies and ends up receiving two PAN cards with different numbers. However, this is a big offense. A hefty penalty of Rs 10,000 is liable to be imposed under section 272B of the Income Tax Act, 1961 for having more than one PAN. Therefore, if a person has been allotted more than one PAN then he should immediately surrender the additional PAN cards.

No individual is allowed to use two PAN details for different business purposes. For example, if one is using different PANs for the Demat account and another for Income-tax return or payment of taxes, then the one used for Income-tax purpose should be retained and the other number should immediately be surrendered.

How to surrender your additional PAN?

In order to surrender your additional PAN, you can either go online or submit the form offline. There is a common form for surrendering or for making any changes in the PAN. You can download the form from the link that says “Request For New PAN Card Or/ And Changes Or Correction in PAN Data” on the official NSDL website and submit at any of the NSDL offices.

You can fill and submit the PAN Change Request application form by mentioning the PAN which you are using currently on top of the form. While all other PAN/s you hold should be mentioned at item no. 11 of the form. Also, attach the corresponding PAN card copy that is submitted for cancellation along with the form.

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Source:- zeebiz

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