Tuesday, 16 December 2014 00:00

Holding more than One PAN, What Penalties can be imposed

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PENALTY FOR HOLDING MORE THAN ONE PAN:-

A person cannot hold more than one PAN. If a PAN is allotted to a person, then he cannot apply for obtaining another PAN. A penalty of Rs.10,000/- is liable to be imposed under​​Section 272B of the Income-tax Act, 1961 for having more than one PAN.

If a person has been allotted more than one PAN then he should immediately surrender the additional PAN card(s).

Last modified on Thursday, 18 December 2014 13:02