PAN Card: PAN Card is an important document. PAN is used in income tax related works, banking transactions and other financial works. Many people take it lightly, but if the mistakes related to PAN are made, then there may be a lot of loss. Income tax department can monitor your income and financial transactions through PAN. Therefore it is important to understand the precautions related to PAN card.
1. If you lose PAN card, do this work immediately
If your PAN card is stolen or lost, do not take it lightly. Many times fraudulent stolen pan is used in illegal financial transactions. In such cases the real PAN holder may face problems. If your PAN is stolen, immediately file a report with the police. Also, inform the Income Tax Department and the bank.
2. Keeping more than one PAN card is illegal
Many people accidentally or deliberately make more than one PAN card, but doing so is a legal offense. The Income Tax Department can impose penalty in such cases, which can be up to Rs 10,000. If a person has two PAN cards, he should immediately return a card income tax department. If you do not do so, you may have to face financial and legal troubles.
3. Giving wrong PAN number may impose penalty
Care should be taken in filling PAN number while filing any financial transaction or income tax return. If the wrong PAN number is accidentally recorded, the Income Tax Department can impose a fine of up to Rs 10,000. Re -check the PAN number before filing ITR, so that any kind of mistake can be avoided.
4. Incorrect information in PAN card can cause harm
If the name, date of birth or other information in your PAN card is wrong, then it is necessary to get it corrected as soon as possible. If there is wrong information, the bank can freeze your account. Many times people have to face problems in taking loans or big transactions due to this mistake.