Providing the wrong ten-digit Permanent Account Number (PAN) card number can attract a fine of Rs 10, 000. Hence, people need to now exercise caution while filling up a form where they are required to give their PAN details.
The income tax department may impose a penalty under section 272B of the Income Tax 1961 if anyone is found giving an incorrect PAN number.
The penalty would be levied if you are filing your income tax return (ITR) or in other cases wherein it is mandatory to provide PAN card number.
As of now, there are 20 cases where quoting PAN is mandatory, as listed by the income tax department. Some of these cases include the opening of bank account, buying mutual funds, shares, debentures, bonds, etc worth more than 50,000.
It must be noted that PAN number cannot be changed during the lifetime of an individual.
Here is a little life hack: Since Aadhaar and PAN are bow interchangeable, if one doesn’t remember their PAN card number then they may quote their Aadhaar card number. People must not forget that they might still have to pay a penalty of Rs 10,000 if they give a wrong Aadhaar number in lieu of PAN.
Also, a person is not allowed to own two different PAN cards. If someone is found having two PAN cards, they may have to pay a penalty of Rs 10,000. One can have many copies of the same PAN card number, but having multiple PAN card can attract a penalty. They are advised to surrender one.
Meanwhile, the income tax is likely to declare PAN cards invalid if they are not linked to Aadhaar by the end of this year.