ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » India News

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.   

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
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

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.

TAGS:
PAN cardPAN card applicationsPermanent account number (PAN)Income Tax Department
Written By: ZeeBiz WebTeam
Updated: Fri, Jun 21, 2019
03:36 pm
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Lost PAN card: A step-by-step guide on how to re-apply for Pan card Lost PAN card: A step-by-step guide on how to re-apply for Pan card
Link PAN with Aadhaar before March 31, NSE warns investors Link PAN with Aadhaar before March 31, NSE warns investors
LIC IPO News: Last date to link policies with PAN is today; see step-by-step guide of linking process LIC IPO News: Last date to link policies with PAN is today; see step-by-step guide of linking process
LIC IPO to hit markets before March 31; how policyholders can link LIC policies with PAN - See step-by-step guide LIC IPO to hit markets before March 31; how policyholders can link LIC policies with PAN - See step-by-step guide
LIC IPO to hit market before March 31; see how policyholders can update their PAN to participate in the country's biggest IPO - Step-by-step process here LIC IPO to hit market before March 31; see how policyholders can update their PAN to participate in the country's biggest IPO - Step-by-step process here

LATEST NEWS

Poco F4 5G vs iQOO Neo 6 5G: Which one to buy? Check comparison - price and full specifications

Closing Bell: Sensex down 150 points, Nifty below 15800 – IT, FMCG, Bank stocks drag most

47th GST Council Meeting Outcome News: All you need to know about result of Chandigarh meet

Ashish Kacholia Stocks: This multi-bagger counter surges for 3rd day in row, up 13% - know what’s driving the rally

UPSC declares Indian Forest Service Examination, 2021 results

How rising crude oil prices, falling Rupee impact stock market? Anil Singhvi decodes

Dell unveils its latest commercial laptops in India

Sebi permits FPIs to participate in exchange-traded commodity derivatives market

Dalal Street Corner: Market ends lower ahead of US GDP data, monthly derivatives expiry; what should investors do on Thursday?

Pharma company Innova Captab files IPO papers with Sebi

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV