Holding multiple PAN card? Do that to keep away from heavy fines

Holding multiple PAN card? Do that to keep away from heavy fines

New Delhi: Everlasting Account Quantity (PAN) card is likely one of the most essential monetary, identification paperwork in India. PAN is a novel 10-digit quantity allotted by the Revenue Tax Division. It’s necessary for the earnings taxpayer to have a PAN card. There are various such situations within the nation the place individuals have been discovered to have a number of PAN playing cards. Nonetheless, as per the foundations of the Revenue Tax Division, nobody is allowed to have multiple PAN quantity.

Some individuals deliberately apply for multiple PAN card to use for a mortgage if they’ve a spotty credit historical past linked to the earlier PAN card. Some individuals additionally maintain a number of PAN playing cards to cut back their tax legal responsibility by dividing their earnings. Many instances individuals unknowingly maintain 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 replica.

Within the case of most ladies, once they get married, they apply for a brand new PAN card to vary their first title as an alternative of requesting for an replace of their unique card itself. However, underneath part 272B of the Revenue Tax Act, if somebody has two PAN playing cards, they will pay a fantastic of as much as Rs 10,000. Now, with the necessary linking of PAN card with Aadhaar quantity, it has grow to be simpler for the federal government to determine a number of PAN card instances. So, you must positively be discouraged from having multiple PAN card.

What to do in case you have multiple PAN card?

If for any motive, you will have multiple PAN card, you must cancel/ give up those you don’t want to use and maintain just one PAN card with you. PAN card might be surrendered each on-line and offline. Right here is easy methods to do it.

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

  • Go to the web site of NSDL. From the “Software Kind” drop-down, choose the choice “Change or Correction/Reprint of PAN Card (No Change in Current PAN Knowledge)” in current PAN knowledge.
  • Fill the shape fully and click on on ‘Submit’ button. After you submit the shape, your request might be registered and a token quantity might be generated and despatched to the e-mail handle talked about within the utility.
  • Word down your token quantity for future reference and proceed by clicking on “Proceed with PAN Software Kind” button.
  • You’ll be directed to a brand new webpage. On the prime of the brand new webpage, choose the choice “Submit scanned photographs by way of e-Signal”.
  • Point out the PAN quantity that you just need to maintain 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 Start that you just want to submit.
  • Add the scanned photographs of your {photograph}, signature and required paperwork. Signal the acknowledgment receipt if you’re requesting to give up the PAN
  • After submitting your particulars, you’ll get a preview of your utility kind. Confirm your particulars and make essential edits the place required or proceed to make cost.
  • Make the required cost by way of 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 images 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, Deal with and Date of Start).

Offline Course of for A number of Pan Card Cancellation:

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

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