New Delhi, 20 August (Kiran News). Even a small mistake related to your PAN card can attract a penalty of up to ₹10,000. Find out which errors can become costly and how to avoid them.
PAN Card Rules
In today’s time, the PAN card has become an essential document in our lives. Whether it is opening a bank account, filing income tax returns, purchasing property, or making a major transaction, the PAN card is required everywhere. If there is any mistake in your PAN card or you misuse it, it can have a direct impact on your finances.
Penalty of ₹10,000 if Two PAN Cards Are Found
Recently, the Income Tax Department clarified that if a person is found possessing two PAN cards or misusing a PAN card, a penalty of up to ₹10,000 can be imposed. While this may sound like a minor issue, such a mistake can cause serious trouble. It is therefore important to be cautious while using your PAN card.
Why Is There a Fine?
Many people think, “What’s the problem if I accidentally have two PAN cards?” However, the government treats this as a serious offence because your entire financial history is linked to one PAN number. If you have two PANs, the government cannot accurately track your income and tax details. If you have two PAN cards, or you enter the wrong PAN number while filling a form, the Income Tax Department can catch you immediately and impose a penalty of ₹10,000.
Mistakes That Can Be Costly
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Having Two PAN Cards: Whether intentionally or by mistake, having two PAN cards is a direct violation of the law.
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Entering Wrong PAN Number or Misusing PAN Card: Writing an incorrect PAN number while filing ITR or in any bank form can lead to a penalty. If you let someone else use your PAN or misuse it, you will be held responsible.
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Not Linking PAN and Aadhaar, or Using Fake Documents for PAN: The government has made it mandatory to link PAN with Aadhaar. Failure to do so will make your PAN “invalid”. If you get a PAN card using fake documents and are caught, you can face both penalty and legal action.
How to Avoid the ₹10,000 Penalty
It’s not difficult to avoid penalties. If you have two PAN cards, cancel one immediately. Always double-check your PAN number while filing ITR. Link your PAN and Aadhaar on time. Use your PAN only for your personal financial activities; do not share it with others.
How to Check and Update Your PAN Card
If you think there is any issue with your PAN card, check it immediately.
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Visit the official Income Tax website (incometax.gov.in).
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After logging in, check the details linked to your PAN.
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If two PAN cards appear or there is any mistake, file a complaint immediately.
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You can also update or correct your PAN by visiting the NSDL or UTIITSL websites.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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