One of My Client has Two PAN Cards with different PAN No's.
He was not able to locate the old one prior to year 2003 (The Black & White Card), so he had applied and got a new one in Year 2005 (Coloured card). The Second card alloted has not been used in any transactions till date. All his returns filed & Taxes Paid till date are using the old PAN.
Now he wants to surrender the second one, we can surrender the said Duplicate PAN online at:
https://incometax.sparshindia.com/pan/newPAN.asp
But I want to know one thing that after the surrender will the IT Department take any sort of action against my client, or is there any prosecution or Fine.
Owning or using more than one PAN is against law, but he has not surrendered the same fearing some action.
Please advise & clear my confusion!
CAclubindia
