Often people take PAN i.e. permanent account number lightly. Doing so can be expensive. The rules related to PAN are very strict. This is because PAN is the number through which the Income Tax Department monitors all your financial transactions. It also plays a major role in assessing the tax liability of an individual taxpayer or company. Tax evasion cases have decreased since the PAN was implemented. Let us now tell you why it is important to keep your PAN card safe.
PAN file police report if stolen or missing
First of all, it is important to know that if your PAN is stolen or someone else gets a hand then it can be misused. In the coming days, such cases are heard where fraudsters use the stolen pan. Many times stolen pan is used for illegal transactions. After investigation, it was found that the income of the PAN holder is so low that he cannot do big transactions. Frauds mostly use PANs of people whose income is very low. So avoid keeping a PAN card in your wallet. If your PAN card is lost or stolen, then complain to the police. This will save you from getting into trouble in the event of misuse of PAN.
It is illegal to have more than one pan
It is important to know that a person should have only one pan. If a person has more than one PAN, then the Income Tax Department can impose a fine on him. First the department will cancel a PAN. So he will take punishment. If there is wrong information in the PAN, the bank can freeze your account. So if any wrong information has been recorded in your pan, then you should fix it. If you accidentally have two PAN cards, you should return one to the Income Tax Department.
Putting wrong PAN number may be fined!
You need to be careful even when entering PAN number in financial or any other type of transaction. The Income Tax Department can impose a fine on giving wrong PAN. This fine can be up to Rs 10,000. Especially in income tax return filing, you have to take special care of your PAN number. It would be good to check the PAN number once before submitting the ITR form.
