it's pocket friendly
it's hassle free
it's instant
it's completely online
Starting at Just Rs. 699/- (All Inclusive)
Surrender of Duplicate PAN
- it’s super simple
- completely online
- hand-holding support
- instant response & consultation
Explore various pricing plans
All Inclusive Transparent Pricing #NoHiddenCharges
ITR-1 @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
Fill inquiry form below to pay later
ITR-2 @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
Fill inquiry form below to pay later
ITR-3 @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
Fill inquiry form below to pay later
ITR-4 @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
This pricing plan includes free consultation
Fill inquiry form below to pay later
Client's Voice is Essential!
No reviews found.
h1 {
font-family: Montserrat, sans-serif;
color: black;
text-align: left;
}span {
color: #1cbbfb;
}@media only screen and (max-width: 600px) {
h1 {
font-size: 20px;
}
}Know More
Surrender of Duplicate PAN
An Overview
In India, the procedure of surrendering or abolishing an additional or duplicate PAN (Permanent Account Number) is known as the Surrender of Duplicate PAN. The primary role of PAN is to record and follow the financial dealings and tax-related activities of individuals, entities, or establishments. It’s a distinct ten-character alphanumeric identifier provided by the Indian Income Tax Department. Sometimes, individuals wind up owning multiple PAN cards inadvertently due to various reasons, such as applying for a new PAN card without realizing that they already have one, or because of inaccuracies in data entry or documentation during the application process. It’s worth noting that having more than one PAN card is punishable under the Income Tax Act, 1961. It can create complications when filing taxes, carrying out financial transactions, and may result in penalties and other legal consequences. Therefore, it’s imperative for individuals to surrender their extra or duplicate PAN cards to avoid unwanted fines or legal proceedings.
Is It Mandatory?
Yes, surrendering duplicate PAN cards is mandatory according to the Income Tax Act, 1961. Possessing multiple PAN cards is considered illegal and can lead to several complications in financial and tax-related matters. The law mandates that individuals have only one active PAN card, and holding multiple PAN cards can result in penalties and other legal consequences.
Here are some potential penalties and complications associated with possessing multiple PAN cards:
Penalties: If an individual is found to possess multiple PAN cards, they can face penalties under Section 272B of the Income Tax Act. The penalty amount may extend up to Rs. 10,000 for holding more than one PAN card.
Income Tax Issues: Having multiple PAN cards can lead to confusion while filing income tax returns. It may result in discrepancies in tax assessments and refunds. Additionally, it might attract scrutiny from the Income Tax Department, potentially leading to inquiries or audits.
Financial Transactions: Using multiple PAN cards for financial transactions can create discrepancies in records maintained by financial institutions. It can affect credit ratings and create confusion in banking and other financial dealings.
Legal Complications: Possessing multiple PAN cards is considered a violation of the law. If detected, individuals might have to go through legal procedures and rectification processes, causing inconvenience and possible legal actions.
Compliance Issues: It can affect compliance with various financial regulations and might lead to difficulties in availing loans, opening bank accounts, or conducting other financial activities.
Information / Documents Required
To surrender a duplicate PAN card, you typically don’t need many documents. However, it’s essential to have certain details on hand to facilitate the process. Here are the details/documents that might be required:
Duplicate PAN Card Details: You need information about the duplicate PAN card that you want to surrender. This includes the PAN number, which can be found on the duplicate PAN card itself.
Active PAN Card Details: You’ll also need details of your correct and active PAN card. This includes the PAN number of the card you intend to keep and use for all your financial and tax-related transactions.
Reason for Duplicate Issuance: It’s beneficial to have a clear explanation or reason for the issuance of the duplicate PAN card. Whether it was due to an error during the application process, lack of knowledge about an existing PAN, or any other reason, providing this information might help in the process.
Application Form: There might be a specific form or application provided by the Income Tax Department, NSDL (National Securities Depository Limited), or UTIITSL (UTI Infrastructure Technology and Services Limited) for surrendering the duplicate PAN. Ensure you have access to and fill out this form accurately.
Acknowledgment/Confirmation: After applying for the surrender of the duplicate PAN, it’s crucial to keep a record of the acknowledgment or confirmation received from the Income Tax Department. This serves as proof that you have initiated the process of surrendering the duplicate PAN.
Due Date
Benefits
A duplicate PAN card refers to having more than one PAN issued by the Income Tax Department in an individual’s name. It could result from various reasons like applying for a new PAN without knowledge of an existing one or errors in documentation.
Possessing multiple PAN cards is illegal and can lead to financial and legal complications. Surrendering the duplicate helps in avoiding penalties, confusion in financial transactions, and facilitates accurate tax filings.
Check your PAN card or access the Income Tax Department’s website to verify if multiple PANs exist under your name. Look for discrepancies in names, date of birth, or other personal details.
You’ll typically need details of both the duplicate and active PAN cards (PAN numbers), reasons for duplicate issuance, and acknowledgment/confirmation received from the Income Tax Department.
You can surrender the duplicate PAN card online through the NSDL or UTIITSL websites by filling out the requisite form and providing the necessary details.
Surrendering the duplicate PAN will not impact your financial transactions or tax filings negatively. It helps in maintaining accurate records and ensures compliance with tax regulations.
Although there’s no specific deadline, it’s advised to rectify this issue as soon as it’s identified to avoid penalties and complications in financial and tax matters.
After the surrender process, the Income Tax Department deactivates or cancels the duplicate PAN. You will receive acknowledgment or confirmation, ensuring the rectification of the issue.
