Have two PAN playing cards? Revenue Tax Division can impose heavy fantastic

Have two PAN playing cards? Revenue Tax Division can impose heavy fantastic

New Delhi: PAN card is among the most vital monetary, id doc in India. PAN or Everlasting Account Quantity is a singular 10-digit quantity allotted by the Revenue Tax Division. It’s obligatory for the revenue taxpayer to have a PAN card. There are lots of such cases within the nation the place folks have been discovered to have a number of PAN playing cards. Nonetheless, as per the principles of the Revenue Tax Division, nobody is allowed to have a couple of PAN quantity.

Some folks deliberately apply for a couple of PAN card to use for a mortgage if they’ve a adverse credit historical past linked to the earlier PAN card. Some folks additionally maintain a number of PAN playing cards to cut back their tax legal responsibility by dividing their revenue. However, below part 272B of the Revenue Tax Act, if somebody has two PAN playing cards, they’ll pay a fantastic of as much as Rs 10,000.

Many occasions folks unknowingly preserve many PAN playing cards with them. For instance, they lose their first PAN card and apply for an additional as an alternative of requesting for a reproduction. Within the case of most girls, once they get married, they apply for a brand new PAN card to alter their first identify as an alternative of requesting for an replace of their authentic card itself.

It’s now simpler to hint a number of PAN card holders:

Regardless of the motive, it’s unlawful to carry a couple of PAN card and if you happen to fail to adjust to the provisions of part 139A, which incorporates holding a couple of PAN card, the Revenue Tax Division can impose a fantastic of Rs 10,000 on you. Is. Now, with the obligatory linking of PAN card with Aadhaar quantity, it has change into simpler for the federal government to establish a number of PAN card circumstances. So, it’s best to positively be discouraged from having a couple of PAN card.

What to do when you’ve got a couple of PAN card?

Nonetheless, if for any motive, you’ve a couple of PAN card, it’s best to cancel/ give up those you don’t want to use and preserve just one PAN card. PAN card will be surrendered each on-line and offline. Right here is learn how to do it.

On-line course of for a number of PAN card cancellation:

  • Go to the web site of NSDL. From the “Software Sort” drop-down, choose the choice “Change or Correction/Reprint of PAN Card (No Change in Present PAN Knowledge)” in current PAN knowledge.
  • Fill the shape fully and click on on ‘Submit’ button. After you submit the shape, your request will probably be registered and a token quantity will probably be generated and despatched to the e-mail handle talked about within the utility.
  • Be aware down your token quantity for future reference and proceed by clicking on “Proceed with PAN Software Type” button.
  • You can be directed to a brand new webpage. On the prime of the brand new webpage, choose the choice “Submit scanned photos through e-Signal”.
  • Point out the PAN quantity that you simply wish to preserve with you. Fill your private particulars, contact and different particulars within the kind.
  • Point out the extra PANs you want to give up after which click on on the ‘Subsequent’ button to proceed.
  • Choose the Proof of Id, Residence and Date of Delivery that you simply want to submit.
  • Add the scanned photos of your {photograph}, signature and required paperwork. Signal the acknowledgment receipt in case you are requesting to give up the PAN
  • After submitting your particulars, you’ll get a preview of your utility kind. Confirm your particulars and make crucial edits the place required or proceed to make cost.
  • Make the required cost by Demand Draft, Credit score Card, Debit Card or Web Banking.
  • You will notice a downloadable acknowledgment as soon as the cost is profitable. Save and print the acknowledgment for future reference and as a proof of cost.

Ship a printed copy of the acknowledgment together with two pictures to NSDL e-Gov. Earlier than sending the acknowledgment, label the envelope with ‘Software for Cancellation of PAN’ and the acknowledgment quantity. Ship the signed acknowledgment together with Demand Draft (if required) and required paperwork (Proof of current PAN (if any), Proof (Id, Handle and Date of Delivery).

Offline Course of for A number of Pan Card Cancellation:

You may give up your a number of PAN playing cards by filling Type 49A for change or correction in PAN and submit the shape to the closest UTI or NSDL TIN Facilitation Heart. Additionally, write a letter to the Assessing Officer in whose jurisdiction your revenue tax is filed. Point out your private particulars like identify in your PAN card, date of beginning, PAN card quantity you wish to give up. Ship the letter to the closest tax workplace.

Supply hyperlink