1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
Owning multiple PAN cards is illegal and it could result in paying a hefty fine of up to 10,000 or even sent to prison if the individual/organization is caught. To avoid such a problem, Government has now made it mandatory for individuals to link their Aadhar card with PAN so that the duplicate PAN owners can be filtered out. Due to a large sum of fine and legal proceedings involved with the ownership of multiple PAN, individuals and companies are looking for ways to cancel/surrender their PAN cards. If you're someone who holds a duplicate/additional PAN card, then you can fill the PAN cancellation application form to surrender them to the Income Tax authorities.
To cancel the additional PAN cards in your name, you need to fill up the PAN cancellation form online. The PAN cancellation form is available in the NSDL/UTIITSL official website.
Here are the steps you should follow to cancel/surrender the duplicate PAN that you possess:
However, if someone wants to cancel the duplicate PAN offline, they can do so by taking a printout of the PAN Cancellation form from the NSDL official website
You can withdraw your PAN through online or offline mode.
Cancel your PAN card online by following these steps:
Alternatively, you can file a 'PAN Change request' application form. While filling out the application form, ensure that the current PAN is mentioned on top of the form.
The details of the additional PAN should be mentioned in section 11 of the application form
An assessee can also cancel their PAN through offline mode. It can be done by filling up the form 49A and submitting the form to the NSDL TIN facilitation center. The following must be provided while submitting the PAN cancellation application form to the Assessing Officer of the area of jurisdiction of the assessee:
Its essential for the assessment to have a copy of the acknowledgment letter that they submit to the Assessing Officer, the acknowledgment letter acts as a proof that the PAN card has been canceled.
You can know the status of the request of cancellation of the duplicate PAN by following these simple steps:
An entity could own multiple PAn cards due to the following reasons: