In India, the PAN card stands as an essential financial and tax-related paperwork for all transactions. Partnership firms along with certain individual entities sometimes discover they need two PAN cards when their numbers prove different from each other. Legal penalties exist because multiple PAN card ownership remains illegal according to the Income Tax Act of 1961. This blog is about handling cases where 2 pan cards with different number as well as describing the most efficient way to solve this situation.

Issues with Having 2 Pan Cards With Different Number

Owning two PAN cards can lead to severe consequences, such as:

• Legal Penalty: A fine amounting to INR 10,000 may apply to people or organizations that maintain more than one PAN card according to the Income Tax Act regulations.
• Financial Confusion: Multiple PAN cards typically cause problems because they produce confusion between tax filing documents and financial account records.
• Operational Challenges: Financial operations and account interconnection processes become hard to manage.
• Partnership firms must have their PAN card available at all times because it establishes an official firm presence and provides necessary filing capabilities for taxes. The prompt action required to resolve this issue remains essential both for legal and financial compliance standards.

Steps to Resolve Two PAN Cards Issue

If you or your partnership firm possess two PAN cards, follow these steps:

1. Identify the Correct PAN Card

• Decide which PAN card you wish to retain based on its usage and records.

2. Surrender the Duplicate PAN Card

• You can obtain the service on two fronts: by accessing the official Income Tax e-filing website or by visiting your local PAN service centre.
• Use the “Request for New PAN Card or/and Changes or Correction in PAN Data” form (Form 49A for Indian citizens) to complete your necessary information.
• The PAN request must contain your duplicate PAN document and supporting materials.

3. Use Pancardresizer.in for Assistance

• The trusted platform Pancardresizer.in simplifies documentation tasks by providing users with a secure way to resize and upload PAN documents according to official specifications.
• Through the platform, users can obtain clear instructions to handle PAN-related challenges successfully

4. Check the Status

• Track the surrender request online using the acknowledgment number provided.

Conclusion

The PAN card holds a central position in compliance needs for partnership firms because it serves as their main foundation for financial and tax operations. Both ownership of duplicate PAN cards and partnership firms warrant immediate document surrender followed by record normalization. The Pancardresizer website assists users by simplifying tasks to eliminate excess complications.