Have more than one PAN card? Surrender the additional PAN now

An assessee may have been allotted multiple PAN Card. The multiple PAN card may have been allotted to the Assessee for many reasons i.e. He may have applied multiple times for allotment of PAN and every time he has been allotted a PAN card or may have inadvertently allowed multiple PAN card by Income tax Department , NSDL or UTI.  

Assessee who have more than one PAN should immediately Apply for surrender of additional PAN number(s) allotted to them as having more than one PAN may make them liable to a penalty of Rs. 10,000/-. Apart from the penalty there may be many other problem that may come up i.e. IT Department may take the particular person under scrutiny and all the past records and filing may be reviewed, and who knows this might just be a start!

Explaining the steps for cancellation of PAN Card – assessee can apply for surrender of PAN card by two methods.

1. Manually –

a. Write a letter to this effect to the assessing officer under whose jurisdiction you have been filing your returns. The letter must contain details such as your name, contact details, details of the PAN card to be retained, details of the duplicate PAN card(s) which you need to surrender, etc. Keep  the acknowledgement copy of the letter that you have filed with the I-T department, stating that you are surrendering your additional PAN. That is sufficient as proof of surrender and no additional confirmation from the I-T authorities is required. On receipt of the acknowledgement, there is no need for you to wait for intimation from the income tax department considering that the PAN submitted has now been cancelled by them. The acknowledgment copy of the letter submitted will more than solve the purpose.

b. Manually Fill the Form No. 49A for change/Correction in correction in PAN and submit the same at your nearest UTI pan centers or NSDL TIN Facilitation centers.

2. Online –

a. Visit the Following Link and fill the detail in the online Form given at the link and following the instructions

http://incometax.sparshindia.com/pan/newPAN.asp

b. You can also surrender the pan online  by filing a application “change in pan data ” through UTI pan centers or NSDL TIN Facilitation centers. In application fill spare pan number in Last row of the Form.

For further assistance you may get in touch with the experts by dropping an e-mail at info@taxmantra.com

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