pan

More than one PAN card could create problem, surrender process

PAN is a unique number and two people or two companies' PAN cannot be the same. It is known to all but the same person or company can not have two PAN numbers. Under the Income Tax rules, anyone who has more than one PAN number legal action can be taken against them. Although some people know that PAN numbers cannot be more than one, but they do not know how to surrender the extra pan. It is better to get rid of the excess pan from the earliest in order to save yourself from getting trapped in any legal action.


Provision of a fine of Rs 10 thousand

If someone has more than one pan, then he may be fined 10 thousand rupees under the Income Tax Act 1961.

How To Surrender?

To surrender the extra PAN, it can be applied both online and offline. The form for surrender and for changes like name correction or address change is the same. Go to the NSDL website or office and call "Request For New PAN Card Or / And Changes Or Correction in PAN Data". Fill this form and submit it. In this form, the pan which you want to continue, apply in the top of the pan and fill the remaining pan information,  in form no 11 Also, put a copy of the PAN which is to be canceled, with the copy form.

When to create more than one PAN

Some people make a separate PAN for a different purpose. Separate for payment and return of separate PAN and income tax for Demat account. Apart from this, many people apply fresh pan for the lost old pan. Because of this, they have many PAN. If there is a separate pan for DMAT and income tax, then person will have to surrender one pan. In both of these, surrender the PAN, which is used for the purpose of income tax. Surrender the second pan and send them the information about their original PAN.


What to do if you lose your PAN?

If the old pan is lost, then instead of forming the second pan, make a duplicate pan. If you do not remember your PAN number, then you can get the information of PAN through "Know Your PAN" by visiting the Income Tax Department website. Information about the PAN can be obtained by providing name, father's name and date of birth. Once the information about the PAN is found, the duplicate can be applied for the PAN.