How can I have multiple pan cards ? Is there any problem with it ?
It is possible for a person to have more than 1 PAN card. 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.
Penalty for having multiple 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.
How to return additional PAN
You can surrender a PAN using both online and offline processes.
- Visit https://www.onlinese..
- Fill and submit a ‘Changes or Correction in existing PAN data/Reprint of PAN Card (No Changes in existing PAN Data)” application form by mentioning the PAN that you are using currently. The form also provides space to mention all other PAN(s) that may have been inadvertently allotted to you. A copy of the corresponding PAN cards should be submitted along with the cancellation request.
- Download the form from NSDL’s website https://www.tin-ns..
- Mention the PAN you want to continue with on the top of the form and list all the PAN cards that may have been allotted to you.
- Submit this form to your nearest UTI or NSDL Tax Information Network facilitation centre.