Pan Card: PAN Card (Permanent Account Number) is an important document. PAN is used for income tax related work, banking transactions and other financial works. Many people take it lightly, but if mistakes related to PAN are made, then a big loss can be suffered.
The Income Tax Department can keep an eye on your income and financial transactions through PAN. Therefore, it is important to understand the precautions related to PAN card.
1. If you lose your PAN card, do this immediately
If your PAN card is stolen or lost, do not take it lightly. Many times fraudsters use the stolen PAN in illegal financial transactions. In such cases, the real PAN holder may have to face problems. If your PAN is stolen, immediately file a report with the police. Also, inform the Income Tax Department and the bank about it.
2. It is illegal to have more than one PAN card
Many people make more than one PAN card by mistake or intentionally, but doing so is a legal offense. The Income Tax Department can impose a penalty in such cases, which can be up to Rs 10,000. If a person has two PAN cards, he should immediately return one card to the Income Tax Department. If you do not do this, you may face financial and legal problems.
3. You may be fined for giving wrong PAN number
One should be careful while filling the PAN number while doing any financial transaction or filing income tax return. If the wrong PAN number is entered by mistake, then the Income Tax Department can impose a fine of up to Rs 10,000. Double check the PAN number before filing ITR, so that any kind of mistake can be avoided.
4. Wrong information in PAN card can cause loss
If the name, date of birth or other information is wrongly entered in your PAN card, then it is important to get it corrected as soon as possible. If the information is wrong, the bank can freeze your account. Many times people face problems in taking loans or making big transactions due to this mistake.
