1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
Sometimes people who own duplicate or multiple PAN cards do not know how to surrender the additional PAN Cards that they own. Here are some common reasons why people own multiple PAN cards:
Multiple PAN applications
Sometimes when people don't receive their PAN card on time, instead of investigating the cause for the same, they end up applying for a PAN card multiple times. In such situations, a person might end up having multiple PAN cards. Sometimes, when entities apply for PAN Card through agencies, there is miscommunication amongst the applicant and the agency furnishing the application and multiple PAN cards are issued under the same name.
Modifications in PAN Card
When people apply for changes or modifications in their PAN card they still own the current PAN card. In such cases, if the individual does not immediately surrender the current PAN, they might end up having multiple PAN at the same time. This can be avoided by surrendering the current PAN card right after applying for changes/modifications in PAN details.
Some people may apply for multiple PAN cards to evade taxes by violating the basic laws laid out by the Income Tax Department. In such cases, the entities are fined an amount of Rs.10,000 as a penalty.
If you own more than a single Permanent Account Number, then you can return it by any of these methods:
If you wish to surrender your PAN, then you can visit the official website of income tax department and mention details of the PAN that you wish to surrender. On submission, an acknowledgement page would pop-up on the screen which could be treated as the proof of surrendering the particular PAN.
If you wish to surrender your PAN manually then you can fill the PAN change application form. In the form, you must mention the PAN that you wish to retain and the PAN that you wish to surrender under column 11 of the form. A copy of the form must be submitted to the assessing officer of the jurisdiction under which your PAN was issued.