PAN Card Holders Alert: Income Tax Department can impose a fine of Rs 10,000 on these PAN card holders, check details

PAN Card Holders Alert: Income Tax Department can impose a fine of Rs 10,000 on these PAN card holders, check details

PAN Card Holders Alert: Permanent Account Number i.e. PAN Card is an important document for all types of financial transactions. A pen is essential for almost every task, but carrying it with you can be a bit risky. There is a fear of losing it and also of it falling into someone’s hands […]

PAN Card Holders Alert: Permanent Account Number i.e. PAN Card is an important document for all types of financial transactions. A pen is essential for almost every task, but carrying it with you can be a bit risky. There is a fear of losing it and also if it comes into someone’s hands then someone might misuse it.

PAN Card is an important document that helps the Income Tax Authority to keep track of all the financial transactions which is necessary in assessing the tax liability of an individual or company. This helps in reducing the chances of tax evasion.

However, we have to keep some things in mind. For a small default, a person may have to pay a fine of Rs 10,000.

keep this in mind

Apart from filling the 10 digit information carefully, a person should have only one PAN card. A person who has two PAN cards may have to pay a fine. The Income Tax Department will cancel the PAN card as per law and will also impose a penalty as punishment. Also, if there is any discrepancy in PAN, the bank account may get frozen. The second PAN card should be sent to the department immediately as per established procedures.

A person providing incorrect PAN information can be imposed a penalty of Rs 10,000 by the Income Tax Department. This provision is especially important while filing Income Tax Return (ITR) form or in other scenarios where PAN card details need to be entered.

Therefore, if you have two PAN cards, you should immediately give one of them to the Income Tax Department.

How to return

• Visit the IT department website incometaxindia.gov.in.
• Click on ‘Request for new PAN card/change’ or ‘Correction PAN data’.
• Download the form, fill it and submit it to any National Securities Depository Limited (NSDL) office.