As a responsible citizen of India, it is essential to have a PAN card to carry out financial transactions. PAN, or Permanent Account Number, is a unique ten-digit alphanumeric identifier that is assigned to every taxpayer by the Income Tax Department. It is mandatory to quote your PAN number in all tax-related transactions, including opening a bank account, filing tax returns, buying or selling property, and so on.
However, some people may have more than one PAN card with the same PAN number. This situation may arise due to various reasons, such as a technical glitch, misinformation, or intentional fraud. In this article, we will delve deeper into this matter and provide you with a detailed answer to the question – Can we hold two PANs with the same PAN number?
Understanding the PAN Number System
Before we address the central question, let’s first understand the PAN number system. As mentioned earlier, PAN is a unique identification number that is allotted to individuals, companies, or organizations. The ten-digit alphanumeric code follows a specific pattern that helps identify the person or entity.
The first five characters of the PAN represent the alphabetic series starting from AAA to ZZZ. The next four characters are numerical, and the last character is an alphabetic check digit. The check digit is used to verify the validity of the PAN number.
So, for example, if your PAN number is AFUPD1234K, the first five characters represent the alphabetic series AFUPD, the next four characters are numerical (1234), and the last character is an alphabetic check digit (K).
Can we hold two PANs with the same PAN number?
Now, coming back to the primary question, the answer is Yes. It is legal to hold more than one PAN card with the same PAN number. Not just two any number of PAN Cards you can with the same PAN Number
The consequences of holding two PAN cards with the same PAN number can be no harm. The Income Tax Department initiate no legal action against you, and you may not have to pay a penalty or face imprisonment. It can not lead to complications in your financial transactions, as both PAN cards may not have different information and it won’t create confusion or errors.
What to do if you have two PAN cards with the same PAN number?
If you have accidentally obtained two PAN cards with different PAN numbers, you must take corrective action immediately. The first step is to identify which PAN card is active and which one is inactive. You can do this by visiting the Income Tax Department’s website and entering your PAN number.
Once you have identified the active PAN card, you must surrender the inactive one. You can do this by filling out a form and submitting it to the nearest PAN card office. It is essential to do this as soon as possible to avoid any legal complications.
Conclusion
In conclusion, it is illegal to hold two PAN cards with the same PAN number. The Income Tax Department strictly prohibits it and considers it a fraudulent practice. If you have two PAN cards with the same PAN number, you must surrender the inactive one immediately to avoid legal action and financial complications. It is essential to be aware of your PAN card status and ensure that you have only one active PAN card at any given time.
