CMA Intermediate · Direct and Indirect Taxation · PAN
Under section 262 of the Income-tax Act, 2025, a person who has already been allotted a Permanent Account Number (PAN) is subject to which rule?
A person already allotted a PAN cannot apply for, obtain or possess another one. Section 262(8) of the Income-tax Act, 2025 imposes this bar without exceptions for change of State or business, so a person holds one PAN only.
- AHe may obtain a second PAN if he moves to another State
- BHe cannot apply for, obtain or possess another PANCorrect
- CHe may hold a second PAN for his business, if turnover exceeds Rs. 5,00,000
- DHe may hold two PANs if one is surrendered within one year
Explanation
Section 262(8) provides that a person who has already been allotted a PAN cannot apply, obtain or possess another PAN. Relocation to another State or business activity does not create any exception. Holding more than one PAN is a default under section 262, which attracts penalty under section 467(1).
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