03 January 2016
I am using two pan cards and both cards are having loans and credit on it and two CIBIL reports on each pan card, I want to surrender my second pan card and want to keep the old one. Please guide me how to proceed further, as i did not get any satisfactory answer from CA
03 January 2016
Dear Ankit, in this case, you will have to approach your jurisdictional Income-tax officer for surrender of the second PAN that was allotted to you. Since holding two PAN is against law, it shall be open for the officer to penalize you.
Alternatively, I would suggest that you finish up your activities against one of the PAN and don't use it for a couple of years before applying for surrender. This should help in cushioning your case to avoid penalties.
03 January 2016
Thanks nikhil ...I have filled the form for correction as there is wrong DOB on my old pan card that is the reason I got new pan number. .I updated the new pan card in form for cancelation and will dispatch the required docs to income tax office including original new pan card.. Now as I took loans and credit cards on new pan card..how the cibil will get updated? Do I need to contact my bank also? Please advise
03 January 2016
Well explained by the experts.. would like to add some points as well..
Assessee who have more than one PAN should immediately Apply for surrender of additional PAN number(s) allotted to them as having more than one PAN may make them liable to a penalty of Rs. 10,000. Assessee can apply for surrender of PAN card by two methods.
1. Manually –
a. Write a letter to this effect to the assessing officer under whose jurisdiction you have been filing your returns. The letter must contain details such as your name, contact details, details of the PAN card to be retained, details of the duplicate PAN card(s) which you need to surrender, etc. Keep the acknowledgement copy of the letter that you have filed with the I-T department, stating that you are surrendering your additional PAN. That is sufficient as proof of surrender and no additional confirmation from the I-T authorities is required. On receipt of the acknowledgement, there is no need for you to wait for intimation from the income tax department considering that the PAN submitted has now been cancelled by them. The acknowledgment copy of the letter submitted will more than solve the purpose.
b. Manually Fill the Form No. 49A for change/Correction in correction in PAN and submit the same at your nearest UTI pan centers or NSDL TIN Facilitation centers.
2. Online –
a. Visit the Following Link and fill the detail in the online Form given at the link and following the instructions
http://incometax.sparshindia.com/pan/newPAN.asp
b. You can also surrender the pan online by filing a application “change in pan data ” through UTI pan centers or NSDL TIN Facilitation centers.In application fill spare pan number in Last row of the Form.
03 January 2016
well once the PAN is deactivated. it is advisable that you inform your bank regarding the same. I am not sure if CIBIL will consolidate the activities on two separate PANs into one.
CAclubindia
