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This PAN Card Holders Will Have to Fine
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If a person has more than one PAN Card what will do.?
We can keep more than one PAN card in India.?
Today we are discus about this topic.!
PAN card is one of the most important financial documents of a citizen in the country. PAN card is essential for bank transactions, loan application, online payment, filing of income tax return, deposits etc. PAN card is also often used as an identification document. PAN number is a 10-digit unique alphanumeric number registered by the Income Tax Department.
What if a person has more than one PAN card? Can I keep more than one PAN card in India? What are the rules related to this under income tax act and have doubts whether any penalty is imposed for this..
Can I keep more than one PAN card in India.?
PAN numbers are personal numbers. Each person can use only one PAN card. It is illegal for an individual or company to have more than one PAN number. If caught, the Income Tax Department may take legal action or impose a financial penalty
How much is the fine?
If a person has more than one PAN card, action will be taken under Section 272B of the Income Tax Act, 1961. Under this section a fine of Rs 10,000 can be imposed on a person having more than one PAN card. If there is more than one PAN card, the person has to surrender the second PAN card.
What if a person has more than one PAN card?
If there is more than one PAN card, the person has to surrender the second PAN card.
How to Surrender PAN Card Online?
Step 1: To surrender online, visit the Income Tax Department online portal or click on the link below
Step 2: Submit the PAN Change Request Application Form by indicating above the PAN form you are currently using.
Step 3: Form 11 and copy of relevant PAN card should be submitted along with the form.
I have been allotted more than one PAN, what is the procedure for cancellation/ surrender of other PAN(s)?
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 and the corresponding PAN card copy/s should be submitted for cancellation along with the form
What is the procedure to cancel/surrender
PAN which is being currently used?
If you wish to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel/ surrender your PAN.
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