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Informative

PAN 2.0: Holding Two PAN Cards? Surrender and Deactivate Now to Avoid Legal Issues

Update / Judgement Date

11 Dec 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Corporate ComplianceIncome Tax

PAN 2.0: Holding Two PAN Cards: The Income Tax Department has issued a reminder to taxpayers about the importance of surrendering any additional PAN cards they hold, as possessing more than one PAN is illegal. Holding multiple PANs can lead to penalties and legal issues. The department encourages individuals to deactivate extra PAN cards to avoid complications. This warning serves as a reminder for taxpayers to ensure compliance with the Income Tax Act and avoid facing penalties for violating PAN card regulations.