PAN Card Holders Alert: The Income Tax Department has issued a warning to PAN card holders. If you use your PAN card, then it is very important for you to know about the warning issued recently. According to the information received through the media, the Income Tax Department has informed all PAN card holders and a fine of ₹10,000 can be imposed for some violations. Let us tell you what is the warning and what are the rules that you have to follow. Apart from this, how you will be fined ₹10,000for these violations is given below.
Let us tell you that PAN card is used in various financial transactions in India and PAN card acts as a very important document. Significant penalties can be imposed under section 272B of the Income Tax Act 1961. Below are some rules, violation of which can result in a fine of up to ₹ 10,000.
Violating these rules will attract a fine of ₹10,000
- Use of Double PAN Card:
If you already have a PAN card and apply for a second PAN card or if you have double PAN card then you can be prosecuted by the Income Tax Department and can be charged for fraudulent activities including theft and can also be fined, usually as we said, there can be a fine of more than 10000 rupees, that is why it is mandatory to use a single correct PAN card
- Quoting wrong PAN number:
As we mentioned, providing incorrect PAN card numbers to tax returns or to entities responsible for deducting or collecting tax (TDS/TCS) can attract a penalty of up to ₹10000. To avoid this, you should not tamper with the PAN card number in any way. It is mandatory to ensure the accuracy of your PAN details and provide correct information in case of relevant transactions.