PAN Card Update

What are the Penalties for Possessing Two PAN Cards? Learn About the Rules Regarding Imprisonment and Fines

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PAN Card Update: In India, a PAN card is a very important document. It is especially crucial for financial transactions, banking, and tax-related matters. Every PAN card contains the individual’s name and a unique PAN number, which is different for each person. According to the rules, every individual should have only one PAN card. However, if a person mistakenly or intentionally obtains two PAN cards, it can have serious legal consequences.

Possessing two PAN cards is a legal offense

In India, it is legally mandated that every individual should possess only one PAN card. If a person is found to have two PAN cards, the Income Tax Department can take action against that individual. In such cases, the person may be fined up to ₹10,000 under Section 272B of the Income Tax Act.

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However, imprisonment is not mandatory in every case. Imprisonment may be imposed if the second PAN card was used for fraud, tax evasion, or any other scam.

Why do people obtain two PAN cards?

While possessing two PAN cards is a crime, some people obtain them for tax evasion or fraudulent purposes. Through the second PAN card, they try to hide their income or transactions from the Income Tax Department. Additionally, some people create a second PAN card to conceal their true identity or to be involved in a scam.

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What to do if you have two PAN cards by mistake?

If you have unintentionally or mistakenly obtained two PAN cards, there is no need to panic. You can easily surrender your second PAN card. To do this, you need to visit the NSDL or UTIITSL website and fill out the “Request for Surrender of Duplicate PAN” form. After submitting the form, your second PAN card will be deactivated, and legally, only one PAN card will remain valid.

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