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Do you do ‘this mistake’ during the use of a PAN card?

Monday - November 11, 2019 2:07 pm , Category : WTN SPECIAL
Use the PAN card correctly
Use the PAN card correctly

This 'mistake' in using the PAN card may have to be fined 10,000 rupees! 

NOV 11 (WTN) - As you know PAN number is required for filing income tax returns and for large financial transactions. By the way, you must be having have the PAN number and you must be using it. But for your information, let us know that it is very important to use the PAN number correctly, because if you used the PAN number incorrectly, then you may have to face trouble. What precautions should be taken by a PAN card holder, let us tell you about it in detail?

Many times it has been observed that while filling any finance-related form, the PAN number is sought, but some people incautiously fill wrong information of PAN number. In this case, for your information, let us know that while filling any form, give the correct information of PAN number. If for any reason, you gave incorrect information of PAN number in any form, in such a situation, you may be fined up to Rs 10,000 for giving wrong information of PAN number. 

Under section 272B of the Income Tax Act, 1961, the Income Tax department can impose a fine of up to Rs 10,000 for giving an incorrect PAN number. By the way, for your information, let us know that this rule of the Income Tax Department is applicable when someone gives incorrect PAN card number while filing income tax returns or during big financial transactions. Be aware that the Income Tax Department has a list of at least 20 such cases, where it is mandatory to provide a PAN number. For example, at the time of opening a bank account, when purchasing a vehicle, it is necessary to give the PAN number while purchasing mutual fund shares and debentures. 

You must have observed that even after filling the PAN number in some form, a photocopy of the PAN card is sought. This is why because if you have entered the wrong PAN number inadvertently or in haste, it can be ascertained through the photocopy of the PAN card that the information on the PAN number has been given incorrectly. You should also be aware that if you are asked for a PAN card number but you do not have a PAN card number, then you can also give an Aadhaar number instead of a PAN card number.

Actually, a few days ago the government has made it clear that the Aadhaar number can also be given instead of the PAN number. But, let us tell you that if you give incorrect information about Aadhaar number, then you can be fined Rs 10,000 for this. Apart from this, if the PAN number or Aadhaar number is not mentioned in the big transactions, then the Income Tax Department can impose a penalty for it.

For your information, let us know that once the PAN card is issued, you cannot apply for it again, because the PAN card is issued only once and it remains valid for life. At the same time, according to the rules of the Income Tax Department, no person is allowed to have more than one PAN card. Under section 272B of the Income Tax Act 1961, if a person has more than one PAN card, then the person concerned can be fined Rs 10,000 in this case.

At the same time, you also need to link the PAN card and Aadhaar card to each other. If you have more than one PAN card, you should keep only one PAN card with you and surrender the remaining PAN cards to the Income Tax Department. At the same time, for your information, let us know that after 31 December 2019, PAN card, which will not be linked to the Aadhaar card to PAN cards, can be declared invalid. In such a situation, we advise you to get your PAN card linked with Aadhaar card at the earliest.