PAN Card is an important document, which is used in income tax related work, banking transactions and other financial activities. Many people take it lightly, but small mistakes related to it can cause huge losses. The Income Tax Department keeps an eye on your income and financial transactions through the PAN card, so it is very important to understand the precautions related to it.
Do this work immediately if you lose your PAN card
If your PAN card is stolen or lost, do not ignore it. Many times fraudsters can misuse it for illegal financial activities, which can cause trouble to the real PAN holder. In such a case, first of all, lodge a complaint in the nearest police station. Apart from this, it is also important to inform the Income Tax Department and your bank about it, so that any possible fraud can be avoided.
It is illegal to have more than one PAN card
Many people get more than one PAN card by mistake or intentionally, but this is a punishable offense. The Income Tax Department can impose a fine of up to Rs 10,000 on this. If you have two PAN cards, surrender the extra card to the Income Tax Department immediately. Otherwise, you may have to face legal action and financial loss in the future.
You may be fined heavily for providing the wrong PAN number
Special care should be taken while filling the PAN number while making any financial transaction or filing Income Tax Return (ITR). If the wrong PAN number is entered by mistake, the Income Tax Department can impose a fine of up to Rs 10,000 on you . Therefore, double-check your PAN number before filing ITR, so that any kind of mistake can be avoided.
Wrong information in PAN card can cause loss
If the name, date of birth or other details are wrongly entered in your PAN card, then it is necessary to correct it as soon as possible. If there is wrong information, the bank can freeze your account, which can cause you problems in transactions. Apart from this, there may be obstacles in taking a loan or making big financial transactions.
