A penalty of Rs. 10,000 is liable to be imposed under section 272B of the Income Tax Act, 1961 for having more than one PAN. If a person has been allotted more than one PAN then he should immediately surrender the additional PAN cards.
In case one is using different PANs for different purposes like one for the demat account and another for filing my Income-tax return and payment of taxes, then only one of them should be retained, preferably the one used for Income-tax purpose and the other number should be surrendered immediately. Further, the institution where the latter number ( the surrendered one) has been quoted should be informed of the correct PAN.
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