Do you have 2 PANs? Steps to surrender duplicate card, otherwise you will be fined Rs. 10000

Those who have 2 or more PAN cards face a penalty of ₹10,000 and may also be sent to jail.

MUMBAI : PAN Card is now a very important document for citizens. This ten-digit number is given by the Income Tax department. Apart from proof of identity, this card is used for various financial activities such as bank account opening, loan application, income tax return (ITR) submission. Even for any type of investment (Investment) PAN card is required. The PAN number is unique to each cardholder and is used as a verification number for all financial transactions. PAN card is essential document in India for certain financial transactions like taxable income and transactions in real estate and mutual funds. If there are two PAN cards in that case, a big fine!

If you have two PAN cards, can there be a big penalty? What is the income tax authority saying in that case? Income tax department rules say that individuals are prohibited from holding multiple PAN cards. Each person can have only one PAN card in his name. This card cannot be transferred to any other name. Having multiple PAN cards can lead to penalty.

If a person is found to have multiple PAN cards, the IT department can initiate proceedings against them under Section 272B of the Income Tax Act, 1961. According to this section, the person will be fined Rs. Authorities can impose a fine of Rs 10,000 on a person for having multiple PAN cards.

Steps to surrender your second PAN card

(1) Go to IT department's website incometaxindia.gov.in.

(2) Now, click on ‘Request for new PAN card/change’ or ‘Correction PAN data.’

(3) Download the form, fill it up, and submit it at any National Securities Depository Limited (NSDL) office.