Tagged: Income Tax
Is it legally not allowed to a person to have two or more PAN cards issued by the Income Tax department? If by mistake multiple PAN cards have been issued to a single person, is it punishable and what should such person do?
Section 139-A(7) of the Income Tax Act, 1961, lays down that: “No person who has already been allotted a Permanent Account Number under the new series shall apply, obtain or possess another Permanent Account Number.”
So, it is not permissible for a person to have two or more PAN (Permanent Account Number) Cards.
For violation of the above provision, a penalty of Rs. 10,000 may be imposed under the provisions of Section 272-B of the Income Tax Act by the assessing officer, by giving the person concerned (who has multiple PAN cards) an opportunity of being heard.
If a person has got two PAN cards by mistake, he should surrender one PAN card immediately to the Income Tax authorities in accordance with the procedure in this regard.
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