The Indian government has introduced PAN 2.0, a significant reform aimed at eliminating duplicate PAN cards and streamlining tax compliance. The Central Board of Direct Taxes (CBDT) has taken a strict stance against individuals holding multiple PAN cards, as this is considered illegal under the Income Tax Act, 1961. If you fail to surrender extra PAN cards, you may face a penalty of up to ₹10,000 under Section 272B of the Act. Discover the consequences of neglecting PAN card rules as we get into the penalties associated with it, including fines for duplicate PAN cards and the repercussions of holding multiple PAN cards. Stay informed to ensure a hassle-free financial journey. Having multiple PANs under the same name or entity is against the rules. Know the penalty for multiple/ duplicate PAN cards and How to surrender your extra PAN cards online or offline. If you have lost or misplaced the original PAN card that needs to be surrendered, you can still provide the details of the lost card during the surrender process. It is advisable to report the loss to the concerned authorities and apply for a duplicate PAN card , if required.
