A small mistake related to PAN card can cost you a fine of up to Rs 10,000. Know which mistakes can prove costly and how to avoid them.
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PAN Card Rules: In today’s time, PAN card has become a very important document in our life. Whether opening a bank account, filing income tax return, buying property or making a big transaction, PAN card is necessary everywhere. In such a situation, if any mistake is made in it or you misuse it, then it can directly affect your pocket.
If two PAN cards are found, a fine of ₹10,000 will be imposed
Recently, the Income Tax Department has clarified that if a person is found to have two PAN cards or he misuses the PAN card, then a fine of up to ₹10,000 can be imposed on him. This may sound like a small thing, but this mistake can put you in big trouble. Therefore, it is important that you take special care of some things while using the PAN card.
Why will there be a fine?
Many people think that “what is the problem if two PAN cards are made by mistake?” But in fact, the government considers it a serious crime. The reason behind this is that your entire financial history is linked to one PAN number. If you have two PANs, the government will not be able to get your correct income and tax information. If you have two PAN cards, or you have written the wrong PAN number while filling the form, then the Income Tax Department can immediately catch you and impose a penalty of ₹ 10,000 on you.
Which mistakes can prove costly?
Making two PAN cards: If you have two PAN cards intentionally or by mistake, then it is a direct violation of the law.
Filling in wrong PAN number and misuse of PAN card
Writing wrong PAN number while filing ITR or in any bank form can also lead to penalty. If you give your PAN to someone else or it is misused, then you will be responsible.
Not linking PAN and Aadhaar and getting PAN made with fake documents
The government has made it mandatory to link PAN with Aadhaar. If this is not done, the PAN will become “invalid”. Many people get PAN made by giving wrong documents. If caught doing this, then there can be both a fine and a case.
How to avoid a fine of ₹10,000?
It is not difficult to avoid the fine. If you have two PAN cards, cancel one immediately. Always double-check the PAN number while filing ITR. Link your PAN and Aadhaar in time. Use PAN only for your personal financial activities, do not give it to anyone else.
How to check and update PAN card?
If you feel that there is some error in your PAN card, then check it immediately. For this: Go to the official website of Income Tax (incometax.gov.in). After logging in, check the details related to PAN. If two PAN cards are visible or there is any mistake, then immediately lodge a complaint. You can update or correct PAN by visiting the website of NSDL or UTIITSL.
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