Possessing multiple PANs may result in fines and complicated income tax situations. The Income Tax Department finds it simpler to identify multiple PANs thanks to government initiatives connecting PAN with bank accounts and Aadhaar.
The Income Tax Act of 1961’s Section 139A states that each person is only permitted one PAN. There are penalties for breaking this rule according to Section 272B.
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Step-by-Step Process
The NSDL Online Portal is accessible
Go to the NSDL website, and from the application type dropdown, choose PAN correction.
Enter your personal information to move on to the next stage.
Choose the PAN number you want to keep after uploading scanned photos.
Mention any PANs you wish to give up that were unintentionally assigned.
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Choose your proof of identity, place of residence, and birthdate, then upload the necessary files.
Examine the application, make the required changes, and then pay.
Use an online bank account, credit/debit card, or demand draft to pay the processing fee.
After payment, print the acknowledgement, attach some photos, and mail it to NSDL.
Offline Surrender Method
At the closest NSDL collection center, complete the PAN correction form and turn it in.
Write a letter requesting cancellation and listing duplicate PAN details to the jurisdictional Assessing Officer.
An affidavit attesting to the possession of just one PAN may be requested by the Assessing Officer.
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Important Things to Remember
Make sure that within 15 days of submitting the online form, NSDL receives the acknowledgement.
To prevent issues, carefully fill out the form, making sure to mark all the checkboxes.
Be ready for income tax officers to question you about your income disclosures and surrendered PAN information.
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It might take some time for officials to fully verify the request before canceling any more PANs.
To speed up the cancellation procedure, visit the Assessing Officer if more clarification is needed.
