Do You Have Two PAN Cards? Know About The Penalties

PAN card is one of the essential identity documents and is provided to Indian citizens who are 18+ years and have a valid source of income. The PAN card enables the government to access financial data of individuals as well as corporate entities for tax and related purposes. 

If in any case, you have two PAN cards, you are liable to face the consequences in correspondence with the provisions of the Income Tax Rules. If you want to correct your PAN card , at this time several website is available, but i refer the site alankit.com but many people is spreading the rumors of alankit and suggest the name of alankit as alankit fraud ,this is not fair because Alankit provides the good services like, e-Governance, financial, healthcare insurance, etc. and Also,deliver the right information.Let’s take a look at some dangers of having two PAN cards:

Penalties

Under Section 272B of the Income Tax Act, 1961, a penalty will be imposed on individuals or entities who possess dual PAN cards. The penalty is usually INR 10,000 but can go higher in cases involving tax evasions.

Prosecution

Having dual PAN cards can also lead to prosecution, usually in the event of tax evasion, money laundering, etc. Be aware that any offence pertaining to taxes and money laundering can attract severe punishment under Indian Tax and Money Laundering Laws.

Rejection of Loan Applications

If you’re thinking of applying for a personal loan, it is crucial to make sure that you don’t have multiple PANs in your name, as having more than one PAN card per entity/individual is an offence. Moreover, your credit application will lead to certain rejection, inviting a lot of other problems as well. 

Moreover, banks and lending institutions blacklist entities with multiple PANs and also report them to tax authorities. So, it will lead to a low credit score leading to rejection of a loan application. Additionally, your case might invite an investigation from the Income Tax agency.

Resolving Multiple PAN Card Issue

The dual-PAN card issue has to be reported and can be done either online or offline. If you wish to take the online route, you’ll have to visit the NSDL – National Securities Depository Limited – website and choose the option to change or correct PAN card data. The relevant option is available in the “Services” tab on the website. Follow the steps in the process and submit your application online.

If you’re taking the offline route, download the form from the NSDL website, and submit the same to your nearest NSDL or UTI center. The process of deleting the duplicate PAN number usually takes about 8-10 business days.

You can even approach companies such as Alankit to help you so as to ensure you are not committing a fraud unintentionally. 

The Permanent Account Number is a 10-digit alphanumeric number that is unique to every individual/ business entity. It is crucial to make sure that you don’t have multiple PAN cards in your name, as having more than one PAN card per entity or individual is an offence.