TWo pan no of one company

This query is : Resolved

sachin (Querist)
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03 July 2009 Our client had two pan card no. Till A. Y 2007-08 they have used old pan no and last year they lost both pan nos then they apply for new pan no but they have alloted 2nd pan no as new pan. While filing a annual return or payment of TDS they are using 2nd PAn no. Is this wrong ?

taxindiaconnect

taxindiaconnect (Expert)
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03 July 2009 The term PAN stands for Permanent Account Card. Thus an assessee should have only one PAN. As per law, if an assessee has been allotted two PAN by mistake it has to surrender one. There was a public announcement for such surrender. having more then one PAN attracts penalty of Rs 10000. Please go the income tax department and surrender the second PAN now, apply for allotment of 1st PAN which was being used till 2007-08. Also file the information with the tax authorities to get the favorable treatment for getting the credit of taxes paid and TDS deducted.