Duplicate Pan Card Rules and Penalty If you have more than one PAN card, then before using it, you should know about the rules and penalties related to it in the Income Tax Act. You should also know the ways to avoid it.
PAN Card is one of the most important documents related to financial matters. Without this, a person cannot do any kind of bank transaction, loan application, online payment, filing income tax return and investment etc. Apart from this, it is also used as a proof of identity. It is a 10 digit unique alphanumeric number, which is registered by the Income Tax Department. For this reason, a special PAN card is issued for each person.
But many people get more than one PAN card made to avail more such facilities. In such a situation, a question might arise in your mind whether more than one PAN card can be kept in India? What are the rules related to this under the Income Tax Act and is there any penalty fixed for this? Today we are going to answer these questions in detail.
Can more than one PAN card be kept?
PAN card has a unique number and only one PAN card is issued to every person in his name. Also, it cannot be transferred. According to the Income Tax Department, every person should have only one PAN number. It is illegal for an individual or company to have more than one PAN number. If caught, the Income Tax Department can take legal action or impose a financial penalty.
How much is the fine?
If a person holds more than one PAN card, action is 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. In case of more than one PAN card, the person should surrender the second PAN card.
How to surrender PAN card
To surrender PAN card, both online or offline mode can be chosen. Their process is something like this-
Online Surrender Process:
To surrender PAN card online, you need to follow the steps given below-
Step 1: To surrender online, visit the online portal of the Income Tax Department or click on https://www.tin-nsdl.com/faqs/pan/faq-pan-cancellation.html.
Step 2: Submit the PAN change request application form by mentioning the PAN you are currently using at the top of the form.
Step 3: Form 11 and copy of relevant PAN card should be presented along with the form.
Offline Surrender Process:
Step 1: Fill Form 49A to surrender PAN offline. Also mention the PAN number to be surrendered and submit the form to the UTI or NSDL TIN Facilitation Centre.
Step 2: Write a letter addressed to the Assessing Officer of your jurisdiction, mentioning your personal details such as full name on your PAN card, date of birth. You can find the officer in your jurisdiction on www.incometaxindiaefiling.gov.in.
Step 3: Attach a copy of the duplicate PAN along with the acknowledgment copy received from the NSDL TIN Facilitation Center and submit it.
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