All Services
Penalty of INR 10,000 or surrender multiple PAN cards. Choice is yours!
Dashmeet Kaur
| Updated: Feb 26, 2020 | Category: News

Penalty of INR 10,000 or surrender multiple PAN cards. Choice is yours!

Section 139A of Income Tax Act, 1961 mandates a person to possess only one Permanent Account Number or PAN. If any individual has two or more PAN cards, then Income Tax Officer shall levy a penalty of INR 10,000, as prescribed under Section 272B. Several reasons lead to the generation of multiple PAN Cards. However, it is illegal to hold two PAN Cards, so surrender the surplus copy with the Government.

Possible reasons for having multiple PAN cards 

Some reasons that lure people to attain more than one PAN are as follows:

  • It frequently happens with the Non-Resident Indians who apply for another PAN card in their name once they revisit the country after many years.
  • The PAN holders who got some errors in their first card may also apply for another PAN card without surrendering the previous one.
  • Often, people have additional PAN cards to evade taxes. 
  • When people apply for PAN various times for not receiving the card within the stipulated time, in such a case, they end up having multiple cards.  

To safeguard yourself from the risk of getting penalized, you must surrender the additional PAN card through offline and online mode.

Offline procedure to surrender multiple Permanent Account Card Cards

In the offline mode, you need to write a letter to Income Tax Assessing Officer under the concerned jurisdiction. Attach the details of PAN cards, the one which you wish to surrender and the other that you want to retain. Post the letter to the Income Tax office under your jurisdiction. Therefore, keep a copy of the Acknowledgement receipt which confirms that Income Tax Department has received your letter.

How to surrender Multiple Permanent Account Number Cards online?

 The online procedure is way more simplistic than the offline process. The users just have to visit the official website of Income Tax Department [1] and click under the section of ‘Surrender Duplicate PAN.’ Therefore, file all the necessary details of duplicate (multiple) PAN cards that you want to surrender and the other PAN card which you wish to retain. After submitting the e-form, you will be directed to further process.

As prevention is better than cure; therefore, it is prudent to abandon the duplicate (multiple) PAN by using either online or offline surrender mode.

  • 2
  •  
  •  
  •  
  •  
  •  
  •  
  •  
    2
    Shares
Dashmeet Kaur

Dashmeet Kaur is an experienced content writer, having proficiency in writing Legitimate content with comprehensive research. She also has a keen eye to detail and incorporating accurate facts.

Top Rated CA
 

Related Articles

Form ITR 2: Latest Updates and Procedure to File Online
Shivani Jain
| Date: Aug 31, 2020 | Category: Income Tax, News

Form ITR 2: Latest Updates and Procedure to File Online

The term “Form ITR 2” denotes an Income Tax Return filed by the individuals or HUFs (Hindu Undivided Family), who are not earning income from PGBP (Profit and Gain from...

Read More
How to Register your Restaurant with Foodpanda
Swarit Advisors
| Date: Jun 15, 2019 | Category: News

How to Register your Restaurant with Foodpanda

Foodpanda is a food delivery platform which lets people order food online. It partners with local restaurants and helps them conveniently deliver their food and benefit from them by charging...

Read More
Documents required for obtaining PSARA License in Delhi
Gonica Verma
| Date: Aug 07, 2019 | Category: News, PSARA

Documents required for obtaining PSARA License in Delhi

If you want to operate a Private Security Agency in Delhi, then you must acquire PSARA License for your company. These agencies provide security services to government & private companies,...

Read More

ARTICLES

Hi! My name is Akanksha! Let's talk.