pan card
sundararajan
(Querist) 19 November 2009
This query is : Resolved
what are the legal implications of having more than 1 pan card?
Arul Kumar
(Expert) 19 November 2009
Obtaining/possessing more than one PAN is against the law and may attract a penalty upto Rs.10,000. Therefore it is advisable not to obtain/possess more than one PAN. If you have more than one PAN, you should surrender the unused PAN.
A V Vishal
(Expert) 19 November 2009
Obtaining/possessing more than one PAN is against the law and may attract a penalty upto Rs.10,000. Therefore it is advisable not to obtain/possess more than one PAN. If you have more than one PAN, you should surrender the unused PAN by logging into ITD website at www.incometaxindia.gov.in.
Prakash Yedhula
(Expert) 19 November 2009
Obtaining or possessing more than one PAN is against the law.
See Section 139A (7)of the Income Tax Act
sundararajan
(Querist) 20 November 2009
Thanks for your information.One of our employee has obtained two pan cards. We have advised him to surrender.But he has used the second pan for obtaining loans.
What can we do in this case ?
Vineet
(Expert) 20 November 2009
This is a tricky situation. The facts indicate towards wilfull posession of two PAN cards and their utilisation.
The employee may have to pay penalty in this case. However, to come out of the situation, he should immediately intimate the loan parties the correct PAN (the number being used by him for filing IT returns) with documentary evidence and also the explanation. Simultaneously he should surrender the additional PAN by following link as suggested by Mr Vishal.
