Possession of more than one PAN card is HEAVY PENALTIES; Check what to do if you have two PAN cards | Personal finance news| Roadsleeper.com

New Delhi: Permanent Account Number (PAN) is a unique ten-digit alphanumeric number issued by the Income Tax Department and is a very important financial document. The laminated plastic card issued by the IT department is popularly known as PAN card.

However, if you somehow have two PAN cards, you may end up paying a hefty penalty.

Under the provisions of Section 272B of the Income Tax Act, 1961, a penalty of Rs 10,000 can be levied for holding more than one PAN.

If you have been issued more than one PAN, you will have to go through the process of canceling/submitting the other PAN(s).

Check what to do if you have two PAN cards? How to cancel, submit another PAN?

You can fill and submit the PAN Change Request Form by mentioning the PAN you are currently using at the top of the application form.

All other PAN/s allotted to you at random should be mentioned in point no. Copy/s of Form 11 and relevant PAN card should be submitted along with the form for cancellation.