PAN or Permanent account number is a unique 10 digit alphanumeric identity allotted by the income tax department. It serves as an identity proof. But every person should possess only one PAN number. It’s illegal for a person or company to have more than one PAN Number. If caught, Income Tax Department can take a legal action or put financial penalty.
Person may get two PAN numbers owing to many reasons such as:
Whatever may be the reason, person should not have more than one PAN numbers. Under the Income Tax Act, penalty for having more than one PAN is Rs 10,000. So, if you have two PAN, then you should apply for the surrender of additional PAN. You can apply for surrender of PAN offline and online both.
You can apply for surrender of PAN card online by following the below process:
You can apply for surrender of PAN card offline by filling up Form 49A for Change or Correction in PAN, mention the PAN number to be surrendered and submit the form to the nearest PAN centre. Save a copy of acknowledgment for future reference
You can also write a letter addressed to the Assessing Officer of your jurisdiction (You can find your Jurisdiction officer from the Income Tax e-filing portal). Mention your personal details such as the full name on your PAN card, date of birth (or date of incorporation in case of companies or firms), PAN card number to be retained and details of duplicate PAN card being surrendered and keep the acknowledgement received.
Click here to know the detailed steps for surrendering or cancellation of your PAN card.
How to Link Aadhaar card to PAN
PAN Aadhaar Link Penalty & What Happens If Pan Card Is Not Linked To Aadhaar Card?
PAN is a unique identity card with financial penalties for possessing more than one. Common reasons for multiple cards include errors, delays, name change due to marriage, or fraudulent activities. To surrender an extra PAN, one can apply online through NSDL or offline via Form 49A, mentioning the PAN number to be canceled. A penalty of Rs 10,000 applies for holding multiple PAN cards.