Having a PAN card is a big responsibility, with the government depending on information received via PAN details to ascertain the tax liability of an individual.
Having a PAN card is a big responsibility, with the government depending on information received via PAN details to ascertain the tax liability of an individual. But in order to save money, one must not resort to owning multiple PAN cards. Having more than one PAN card is illegal and a person who is caught in possession of it can land in big trouble.
Situations which might land you with multiple PAN cards:
It is not necessary that if someone has more than one PAN card, s/he might have a malicious intent. There are people who are unaware of it and end up having multiple cards. Here are the situations:
– Multiple applications: There are chances whereby a person who applied for a PAN card failed to receive it, which makes her/him reapply for it. Dual applications could lead to multiple PANs being allotted, with the applicant often unaware of this.
– Changing details: Changing of the name, address or phone number is becoming a fad among the millennials. However, under such circumstances, people forget to cancel their old PAN cards, which ends them up with multiple PANs.
– Malicious intent: Some individuals resort to applying for multiple PAN cards with an intent to save money and cheat the government. However, such practices will get you in trouble from the concerned authority.
What is the penalty for multiple PAN cards?
Under the Section 272B of the I-T Act, 1961, having more than one PAN card will land you a fine of Rs 10,000.
How to return additional PAN cards:
If you have more than one PANs, then it is important to surrender it to avoid penalties. There are two ways of doing so — online and manual.
– Online: You can visit the Income Tax Department’s official website incometaxindia.gov.in to submit the additional PAN card. You need to enter required details such as name, contact number, date of birth, address, etc. After this, choose the PAN which you would like to retain and mention its number in the retain column.
– Manual: Individuals who wish to manually submit their PAN can do so by filling the PAN change request application form. The person needs to mention the PAN which they wish to retain and also provide details of all other PANs which they wish to submit in column 11 of the same form. A copy of such PANs needs to be submitted along with the form in order to cancel them. This form can then be submitted to the assessing officer of the jurisdiction an individual falls in.