CS Executive · Tax Laws and Practice · Procedural Compliance under Income Tax
Under the Income-tax Act, 2025, a person already allotted a PAN changes the name and nature of the business on the basis of which the PAN was allotted. What must the person do?
The person must intimate the Assessing Officer of the change in the name and nature of the business on the basis of which the PAN was allotted. A fresh PAN cannot be obtained because a person cannot hold more than one PAN.
- AApply for a fresh PAN in the new name
- BDo nothing, as PAN never requires updating
- CIntimate the Assessing Officer of the changeCorrect
- DIntimate only the bank where the account is held
Explanation
Section 262(4) requires every person to intimate the Assessing Officer of any change in address or in the name and nature of business on the basis of which the PAN was allotted. Applying for a fresh PAN would breach sub-section (8), which bars holding another PAN.
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