PAN Card– Big news for PAN Card holders. If your PAN card is ever lost or stolen, don’t ignore it; take immediate action. Fraudsters could misuse a stolen PAN, potentially causing you trouble. In such a situation, immediately file a police report. Notify your bank and the Income Tax Department to ensure your PAN is not misused. Then, apply for a duplicate PAN card through the official website or at your nearest PAN service center.
Many people intentionally or knowingly obtain more than one PAN card. However, this is prohibited by law. Possessing more than one PAN card could result in a fine of up to Rs 10,000. In such a situation, it is essential to return the additional PAN cards to the Income Tax Department to avoid legal and financial difficulties.
Additionally, providing an incorrect PAN number when filing your income tax return or for any financial transaction could result in a penalty. The Income Tax Department can impose a penalty of up to Rs 10,000 for errors in your PAN. Therefore, always verify your PAN number is correct to avoid unnecessary hassles.
If your PAN card contains an incorrect name, date of birth, or any other error, it’s important to correct it as soon as possible. Because discrepancies in your PAN information can lead to the bank freezing your account. Incorrect PAN information can also lead to problems obtaining loans, credit cards, or making large transactions.
Experts say that keeping your PAN card information accurate and up-to-date is crucial to avoid legal trouble, financial loss, or transaction problems. Therefore, follow the Income Tax Department’s regulations and report any issues immediately to avoid any penalties.