Those who’ve 2 or more PAN playing cards face a penalty of ₹10,000 and may also be sent to prison.
Though Permanent Account Number (PAN) is an vital report, one can’t, as per the regulations below the Income Tax Act, have extra than 1 PANs. Those who own two or extra PAN cards face a penalty of ₹10,000 and might also be despatched to jail.
Also Read: I-T crackdown against people maintaining a couple of PANs after March 31
Therefore, if you have two PAN cards, you have to at once give up one of the cards to the Income Tax Department. If you do that voluntarily, you will no longer be prosecuted. This can be carried out both online and offline.
Steps to give up your second PAN card
(1.) Go to IT department’s website incometaxindia.Gov.In.
(2.) Now, click on ‘Request for brand spanking new PAN card/trade’ or ‘Correction PAN records.’
(three.) Download the form, fill it up, and publish it at any National Securities Depository Limited (NSDL) office.
Why some humans have more than one PAN cards?
Multiple programs: If someone implemented for PAN however did not acquire it, he/she might also observe again, ensuing in dual packages. This, in turn, may result in more than one PANs being allocated. Therefore, one need to look forward to a few weeks after applying for the cardboard.
Change in information: An person who has changed his/her call may additionally practice for PAN to encompass updated details, leading to a sparkling card being allocated. In case of call alternate, the present PAN should be cancelled first.
Malicious reason: In recent instances, there were numerous times of human beings applying for a reproduction PAN with an purpose to devote an act of fraud.