Mitali
Quick Summary
Under Indian law, holding more than one PAN card is considered illegal and invalid. Earlier, the penalty under section 272B for possessing multiple PAN cards was up to Rs.10,000 per card. But currently, a court case has shown harsher consequences, including a penalty of Rs. 60,000 and imprisonment
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FAQ :
No, under Indian law, holding more than one PAN card is illegal and invalid.
Penalties can include a fine of Rs 60,000 and imprisonment for up to 7 years, in addition to Income Tax penalties and charges for cheating and forgery.
They were found guilty under IPC sections 420 (Cheating), 467 (Forgery of valuable documents), 468 (Forgery for cheating), 471 (Using forged documents), and 120B (Criminal conspiracy).
It is advised to surrender any extra PAN cards immediately to avoid penalties and legal troubles.
You can surrender an extra PAN card by filling out Form 49A and submitting it through NSDL with copies of your PANs.
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