Can I change my pan card number ?
No, you cannot change your pan card number. However, there are cases when people have 2 pan card numbers.
Some of the reasons for the same are the following.
- When a person applies for a PAN, and it is not received within some time, he reapplies for it resulting in him getting 2 PAN.
- When a person wants to make a correction in PAN, he applies for new PAN instead of applying for a correction. It results in having more than one PAN
- There are people who already have a PAN and they knowingly apply for multiple PANs with mala fide intentions of splitting their income or assets to different PANs.
However, it is illegal to hold more than one PAN. There is penalty of Rs 10,000 under section 272 B of the Income-tax Act, 1961, which can be imposed in case of holding multiple PANs. Further, if the person holds multiple PANs for wilful evasion of taxes, the individual can also be liable for prosecution under income-tax laws.