PAN card alert! If you have this problem, then beware! Hefty penalty can be levied

Many people inadvertently, or when they show unseemly hurrywhile trying to get a PAN card or due to some other reason, get into trouble and they should know that penalties can be levied.   

PAN card alert! If you have this problem, then beware! Hefty penalty can be levied
The Income Tax department has strictly prohibited having more than one Permanent Account Number (PAN) card. Photo: PTI
Written By: ZeeBiz WebTeam
Updated: Fri, Jun 21, 2019
03:36 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
PAN Aadhaar Link: Last date is fast approaching! Failing to do this may lead to Rs 10,000 penalty PAN Aadhaar Link: Last date is fast approaching! Failing to do this may lead to Rs 10,000 penalty
Your PAN card may soon become inoperative; you may be fined too if you miss this deadline — Check last date Your PAN card may soon become inoperative; you may be fined too if you miss this deadline — Check last date
Now, you don't need 'mandatory' KYC for buying jewellery upto this value- check Department of Revenue clarification Now, you don't need 'mandatory' KYC for buying jewellery upto this value- check Department of Revenue clarification
Election voting card to become like Aadhaar card, PAN card? Election voting card to become like Aadhaar card, PAN card?
Stock Market Alert! BSE introduces this feature on PAN number Stock Market Alert! BSE introduces this feature on PAN number

The Income Tax department has strictly prohibited having more than one Permanent Account Number (PAN) card in order to maintain transparency of an individual’s identity. Also, to ensure that a citizen does not hold multiple PAN cards, the department has levied  a host of penalties . So, if you really are having multiple PAN cards, you might want to cancel the other one if you want to be safe from any sort of penalties. Many people inadvertently, or when they show unseemly hurry while trying to get a PAN card or due to some other reason, get into trouble and they should know that penalties can be levied. 

According to the department, a person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN. A penalty of Rs 10,000/- is liable to be imposed under Section 272B of the Income-tax Act, 1961 for having more than one PAN.

If a person is allotted with more than one PAN then he should immediately surrender the additional PAN card(s).

Here’s what you can do!

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. 

If you wish to cancel/ surrender your PAN (which you are currently using), then you need to visit your local Income Tax Assessing Officer with a request letter to cancel/ surrender your PAN.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.