ByHT News Desk, New Delhi
Though Permanent Account Number (PAN) is an important document, one cannot, as per the rules under the Income Tax Act, have more than 1 PANs. Those who possess two or more PAN cards face a penalty of ₹10,000 and may also be sent to jail.
Also Read: I-T crackdown against people holding multiple PANs after March 31
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Therefore, if you have two PAN cards, you should immediately surrender one of the cards to the Income Tax Department. If you do this voluntarily, you will not be prosecuted. This can be done both online and offline.
Steps to surrender your second PAN card
(1.) Go to IT department's website incometaxindia.gov.in.
(2.) Now, click on ‘Request for new PAN card/change’ or ‘Correction PAN data.’
(3.) Download the form, fill it up, and submit it at any National Securities Depository Limited (NSDL) office.
Why some people have multiple PAN cards?
Multiple applications: If a person applied for PAN but didn't receive it, he/she may apply again, resulting in dual applications. This, in turn, may lead to multiple PANs being allotted. Therefore, one should wait for a few weeks after applying for the card.
Change in details: An individual who has changed his/her name may apply for PAN to include updated details, leading to a fresh card being allotted. In case of name change, the existing PAN should be cancelled first.
Malicious intent: In recent times, there have been several instances of people applying for a duplicate PAN with an intention to commit an act of fraud.
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News / Business / Do you have 2 PANs? Steps to surrender duplicate card
