The Permanent Account Number (PAN Card) is not just a series of alphanumeric characters; it’s a crucial financial document issued by the Income Tax Department. However, a seemingly innocent mistake regarding PAN can lead to penalties of up to Rs 10,000.
PAN, a ten-digit unique alphanumeric identifier, is more than just a laminated plastic card. It serves as a vital financial document issued by the Income Tax Department.
A PAN card is mandatory for individuals engaged in business or professions with sales, turnover, or gross receipts likely to exceed Rs 5 lakh in any previous year.
A fine of ₹ 10,000:
Possessing more than one PAN card is against the law and could attract fines under Section 272B of the Income Tax Act. If not rectified promptly, this seemingly minor oversight can result in penalties of up to Rs 10,000.
Understanding the consequences of such compliance failures is essential for every PAN cardholder. To get out of this situation you have to terminate your second PAN card
How To Cancel The Second PAN Card:
If you find yourself in the predicament of possessing more than one PAN card, quick corrective action is essential. The process involves filling and submitting a PAN Change Request application form. The form must prominently display the currently used PAN on top, while all inadvertently allotted PANs should be mentioned at item no. 11, along with the corresponding PAN card copies for cancellation.
Step By Step Guide On How To Cancel Pan Card Online:
- Go to the official website of the Income Tax Department of India: Income Tax Department.
- Look for the “Online Services” or “e-Services” section on the website.
- If you have an existing account, log in using your credentials. If not, you may need to register for an account.
- Once logged in, navigate to the section related to PAN services.
- Look for options related to PAN correction or changes. There may be an option for surrendering or terminating a PAN card.
- If available, fill in the required details in the online form. Provide information about the PAN you wish to retain and details of the PAN card you want to surrender.
- Follow the instructions for submitting any required supporting documents online.
- After submission, you may receive an acknowledgement or reference number. Keep this for your records.
- The Income Tax Department will process your request. This may take some time.
- Monitor the status of your request online. There might be an option to check the status of the PAN application or changes.
- Once processed, you should receive confirmation of the termination or surrender of the PAN card.
Step By Step Guide On How To Cancel Pan Card Offline:
For offline termination or surrender of a duplicate PAN card, you need to use Form 49A. Form 49A is specifically designed for making changes or corrections in the existing PAN details, including the surrender of additional PAN cards. Here’s how you can use Form 49A for surrendering a duplicate PAN card:
- Visit the official website of the Income Tax Department of India: Income Tax Department.
- Look for the ‘Forms’ section.
- Download Form 49A.
- Enter your details, including your full name, date of birth, and contact details.
- Mention the PAN that you wish to retain in the appropriate section.
- In column 11 of the form, provide details of the additional PAN cards that you want to surrender.
- Attach copies of the PAN cards that you wish to surrender along with the form.
- Post or hand over the filled form along with the required documents to the nearest tax office.
- Keep the acknowledgement received after submission as proof that the duplicate PAN cards have been cancelled by the Income Tax Department.
Remember to follow the guidelines provided in Form 49A and submit accurate information to ensure a smooth process for surrendering the duplicate PAN cards offline.
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Official Website: Income Tax Department.