A PAN card issued by the Income Tax Department is an important document for all financial transactions and it also serves as an identity proof. As per law, it’s illegal to keep more than one PAN card.
The Permanent Account Number or PAN is a 10-digit alpha numeric account number issued by the Income Tax Department and it serves as an important identity proof. The PAN card is essential for filing Income Tax Return (ITR) and for many other financial transactions. The banks also require the PAN details of their customers for transactions above a certain limit.
The Income Tax Department also keeps a track of all financial transactions made by taxpayers in a financial year through PAN cards. The PAN card is issued to individuals as well as companies, businesses and registered organisations.
As per the existing laws, it’s illegal to hold more than one PAN card. In certain cases if two PAN cards are issued in the name of an individual, company or businesses, except PAN cards, others should be surrendered or cancelled.
As it has become mandatory to link PAN with Aadhaar number, keeping more than one PAN card can be traced easily by authorities and it could land you in trouble.
There could be many reasons for getting two PAN cards issued in the name of an individual or company. However, if you don’t have any fraudulent intention you should immediately surrender the second PAN card.
Read More: Govt To Launch Kisan Rin Portal On September 19, To Help Farmers Get Subsidised Loans
Reasons for receiving multiple PAN cards
I-T Department issues multiple PAN numbers: Due to certain human errors, the Income Tax department may issue more than one PAN number to an applicant.
Multiple applications: Individuals, at times, submit multiple applications for PAN cards, which may lead to allocation of different PAN numbers to the same person by the I-T Department.
Errors in PAN card: The PAN cards issued by the IT Department can also contain errors in name or date of birth of the applicant. In such cases when you submit a fresh application instead of updating the information, there is a possibility of getting multiple PAN cards.
Death of PAN card holder: It’s advisable to submit an application to cancel the PAN card of a deceased person. After getting the application from the nominee of the PAN card holder, the I-T Department cancels the PAN card.
Read More: What Is Your Credit Score & How Does It Work? Check Steps To Improve It
How to cancel a PAN card online?
1. Go to the official NSDL portal and click on ‘Apply for PAN Online’.
2. Next, choose the ‘Correction in Existing PAN Data’ option under the ‘Application Type’ section.
3. The PAN cancellation form will appear on the screen. Fill in with the necessary details and also mention the cards that you want to surrender.
4. Click on ‘Submit’.
5. Lastly, make the online payment and download the application for future needs.
How to cancel a PAN card offline?
In case, someone is unable to complete their PAN application online, they can also opt for the offline method.
1. Visit the official NSDL portal and choose the option for a new PAN card request or correction in PAN data.
3. Find the link and download the form. You can also visit the nearest NSDL TIN facilitation centre to collect the form.
4. Fill in the form with the required information and submit it with the necessary documents.
