Although Everlasting Account Quantity (PAN) is a vital doc, one can’t, as per the principles underneath the Earnings Tax Act, have greater than 1 PANs. Those that possess two or extra PAN playing cards face a penalty of ₹10,000 and may additionally be despatched to jail.
Additionally Learn: I-T crackdown in opposition to folks holding a number of PANs after March 31
Due to this fact, when you have two PAN playing cards, it is best to instantly give up one of many playing cards to the Earnings Tax Division. Should you do that voluntarily, you’ll not be prosecuted. This may be completed each on-line and offline.
Steps to give up your second PAN card
(1.) Go to IT division’s web site incometaxindia.gov.in.
(2.) Now, click on on ‘Request for brand spanking new PAN card/change’ or ‘Correction PAN information.’
(3.) Obtain the shape, fill it up, and submit it at any Nationwide Securities Depository Restricted (NSDL) workplace.
Why some folks have a number of PAN playing cards?
A number of purposes: If an individual utilized for PAN however did not obtain it, he/she could apply once more, leading to twin purposes. This, in flip, could result in a number of PANs being allotted. Due to this fact, one ought to await a couple of weeks after making use of for the cardboard.
Change in particulars: A person who has modified his/her identify could apply for PAN to incorporate up to date particulars, resulting in a recent card being allotted. In case of identify change, the prevailing PAN needs to be cancelled first.
Malicious intent: In latest instances, there have been a number of cases of individuals making use of for a reproduction PAN with an intention to commit an act of fraud.