Answered on October 01,2019
If you apply for a new PAN card, it results in you having multiple PAN cards. It is illegal to hold more than one PAN. There is a 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.
Instead of applying for a new PAN card, you should apply for a correction in PAN card. You can also make corrections in Aadhaar card if the details in it are wrong.
So you can either update your details in PAN card or in Aadhaar card.
Update details in PAN card
In order to update the details in pan card, please follow the below steps
Open the NSDL website ( https://tin.ti..)
Read all the instruction carefully
At the bottom of the page, you will be able to "Select the Category of Applicant"
Read and fill the form carefully.
Finally, after filling up the form, a fee of Rs.107 has to be paid by Demand Draft/Cheque/Credit or Debit Card/Net Banking.
In Paperless PAN Application, you can Upload your Photo, Signature & Documents Online and there is no need for Physical Submission of the Documents & the PAN Card Address Change process would end here.
If you are planning to submit a hard copy, you will get an acknowledgment Form with a 16 Digit Acknowledgement Number. Take a printout of this Acknowledgement Form, fill the required details and mail the documents to address of NSDL
Update details in Aadhaar card
You can check the below link for updating name and address in Aadhaar card.