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Possessing more than one PAN Card will attract HEAVY PENALTY; check what to do if you have two PAN cards
As per provisions of Section 272B of the Income Tax Act, 1961, a penalty of Rs 10,000 can be levied on possession of more than one PAN.
New Delhi: Permanent Account Number (PAN) is a ten-digit unique alphanumeric number issued by the Income Tax Department and is a very important financial document. The laminated plastic card issued by the I-T department is popularly known as PAN card.
But if you are somehow in possession of two PAN Cards, you could be liable for a hefty penalty.
As per provisions of Section 272B of the Income Tax Act, 1961, a penalty of Rs 10,000 can be levied on possession of more than one PAN.
In case you have been allotted more than one PAN, you will have to go through the procedure for cancellation/ surrender of other PAN(s)
Check what to do if you have two PAN cards? How to cancel, surrender other PAN?
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.