PAN Card– Big news for PAN Card holders. If your PAN card has become inactive and you are still using it, then be alert. The Income Tax Department has started action against such PAN card holders. The department has clarified that a fine of up to Rs 10,000 can be imposed under section 272B of the Income Tax Act for using an inactive PAN card.
Many taxpayers are unaware that their PAN card is no longer valid and they are using it as before for banking, financial or income tax related work. In such cases, this negligence can now prove to be costly.
Experts say that those who have not yet linked their PAN with Aadhaar, their PAN has become inactive. Such people should immediately link their PAN with Aadhaar so that they can avoid legal action and penalty.
PAN card is useful in these works
PAN card is not only used for filing income tax returns (ITR) but is also necessary for banking, investment, property purchase and sale, taking loans and other financial transactions. If someone’s PAN has become inactive and that person uses it intentionally or unknowingly, then a fine of up to Rs 10,000 can be imposed on him under section 272B of the Income Tax Department.
How to check whether PAN is active/inactive
If you want to know whether your PAN card is active or not, you can get this information sitting at home. For this, you have to go to the e-filing website of the Income Tax Department and click on the Verify Your PAN option. There, enter the PAN number, full name, date of birth and the mobile number that is linked to your PAN and Aadhaar. After entering the OTP, your PAN status will appear on the screen. If your PAN is showing inactive, then link it to Aadhaar immediately.