Holding Multiple PAN cards? Know Implications, Check How To Surrender Online

As per section Section 272 B, the income tax officer can impose a penalty of Rs 10,000 on the concerned person if the person possesses more than one PAN after following an in-depth examination of this section.

New Delhi: Are you aware it is illegal to hold more than one Permanent Account Number (PAN)?  Incase you happen to have more than one PAN, then it’s time to surrender and keep only one such number because there are implications of having more than one PAN.

What are implications of holding more than one PAN number?

If an individual happens to posses more than one PANs, and acquired them intentionally or accidentally because the person can face consequences. A person with more than one PAN card can be penalised and even criminalised in some cases. Also Read: WPI Inflation Rise In Double Digit To Touch 11-Year High In April. Know The Reason Behind This Record Jump

A person may possess more than one PAN in various circumstances, and it could be acquired in absence of knowledge or awareness.

There are times when a person wanted to get a correction in PAN, but instead applied for new PAN that could result in having more than one PAN.  It may also happen that a person reapplied for a PAN after failing to receive the first one.

As per section Section 272 B, the income tax officer can impose a penalty of Rs 10,000 on the concerned person if the person possesses more than one PAN after following an in-depth examination of this section. Also, note that if someone holds multiple PANs for wilful evasion of taxes, the individual can also be liable for prosecution under income-tax laws.

How can you surrender your additional PAN card?

You can always surrender the extra PAN card to the income tax department as per the ways prescribed in the Income Tax Act 1961. There are two ways to surrender your card either through Online Method or Offline Method.

 It is similar to the procedure followed to make any correction in the PAN card.

An individual can also surrender the new PAN over NSDL’s portal at https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html.

From the drop down menu select “Application Type” drop-down, then choose the “Changes or Correction in existing PAN Data/Reprint of PAN Card (No changes in existing PAN Data)” option.

Next fill the complete form and press the ‘Submit’ button. Your request will get registered and you will get a token number through your email address, which you have mentioned in the application.

Note down the token number for future reference and continue the process by clicking the “Continue with PAN Application Form” icon.

Here you will be directed to a new webpage, then select the “Submit scanned images through e-Sign” option.

Thecn check the bottom-left of the page where you mention the PAN number you want to retain.

Then fill out personal details, contact and other details in the form.

On the next page at the end mention the additional PANs that you want to surrender and then click the ‘Next‘ button.

Keep filling the details required and upload the scanned images of your photograph, signature and the required documents. If an individual is requesting for the surrender of PAN, they themselves should sign the acknowledgment receipt, else they must be signed by the authorised signatories.

Verify the details and make required corrections before moving ahead with the payment.

Make the required payment via demand draft, credit card, debit card or internet banking.

You can download the acknowledgment form, and send a printed copy of the acknowledgment to NSDL e-Gov adddress mentioned below along with fix two photographs.

National Securities Depository Limited(NSDL) e-Gov at ‘Income Tax PAN Services Unit, NSDL e-Governance Infrastructure Limited, 5th Floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411 016.