Holding multiple PAN cards? Why this can put you in trouble and how to surrender additional cards

Holding multiple PAN cards? Why this can put you in trouble and how to surrender additional cards

Quoting of the Permanent Account Number (PAN) has become imminent in almost all big purchases that one makes. The need to provide the PAN even arises at the time of taking a loan whether it is a car loan or a home loan. PAN is supposed to be a unique number and no two individuals or entities can hold the same PAN number. Further, the income tax rules also do not allow the same individual to hold two or more different numbers.

A person cannot hold more than one PAN. A 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. If a person has been allotted more than one PAN then he should immediately surrender the additional PAN cards.

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In case one is using different PANs for different purposes like one for the demat account and another for filing my Income-tax return and payment of taxes, then only one of them should be retained, preferably the one used for Income-tax purpose and the other number should be surrendered immediately. Further, the institution where the latter number ( the surrendered one) has been quoted should be informed of the correct PAN.

If one loses the PAN card, it is always better to apply for a duplicate one rather than applying for a new one. In case, one doesn’t know the PAN number, it can be known by using the facility of “Know Your PAN” provided by the Income Tax Department on its website. Here, the person can know the PAN online by providing details like Name, Father’s Name and Date of Birth. And once the PAN is known, the duplicate PAN card can be applied.

How to surrender multiple PAN cards

For surrendering the additional PAN cards carrying different numbers, one can either go online or submit the form offline. The form used in a common form for surrendering or for making any changes in the PAN such as name correction or address change.

The form “Request For New PAN Card Or/ And Changes Or Correction in PAN Data” can be downloaded from the link here and submitted at any of the NSDL office. CLICk HERE

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

One may also visit the NSDL website and submit the surrender request online. Here is the link from the website

PAN is a ten-digit alphanumeric number issued by the Income Tax Department under the provisions of the Income-Tax Act, 1961. Section 139A of the Act, along with Rule 114 in the Income Tax Rules, mandates the possession of the Permanent Account Number for Indians above the age of 18. PAN is issued in the form of a laminated plastic card (commonly known as PAN card).

Source:- financialexpress



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