Do you hold PAN or Permanent Account Number? Then this news is very important for you. PAN serves as a unique number for an income tax-payer. A ten-character alphanumeric identifier, PAN is a means of identifying various taxpayers in the country and no one is allowed to hold more than one PAN number. Even, no two individuals or entities are allowed to hold the same PAN number as per the income tax norms.
When PAN is allotted to an entity, PAN Card too is given by the Income Tax Department. So, it is mandatory to quote PAN while making big purchases or banking transactions, according to IT rules. Also, no individual can avail of any kind of loan from an institution without quoting his/her PAN details.
Individuals holding two or more PAN card:
If any individual holds two PAN cards, than they need to be worried. Those who hold two PAN cards need to surrender the additional card immediately. Sometimes, when individual apply for PAN online, it gets delayed to reach them. The individual then re-applies and ends up receiving two PAN cards with different numbers.
Having to more than one PAN is a big offense and a hefty penalty of Rs 10,000 is liable to be imposed under section 272B of the Income Tax Act. So, individuals having two or more PAN should immediately surrender the additional PAN cards.
How to surrender your additional PAN Card?
Individuals can submit additional PAN online or submit the form offline. One can download the form from the link that says “Request For New PAN Card Or/ And Changes Or Correction in PAN Data” on the official NSDL website and submit at any of the NSDL offices.
Individuals need to fill and submit the PAN Change Request application form by mentioning the PAN on top of the form which they are currently using. While all other PAN/s should be mentioned at item no. 11 of the form.
PAN Card Application Do's and Don'ts
- Fill in all the details as per the identity and address proof documents you are submitting.
- Get your thumb impression attested by a Magistrate/Notary before submitting the form, to avoid disqualification.
- Write the complete address and provide accurate contact details in the form.
- Fill in the application form in capital letters.
- Don't make corrections or over-write anywhere on the form.
- Do not use initials in the first name or last name columns.
- Do not apply for a new PAN card if your old PAN card is lost/stolen/defaced. Request for a duplicate PAN instead.
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