New Delhi: Everyone likes to use PAN card nowadays. Apart from opening a bank account, you need a PAN card to avail benefits of other schemes. If you want to create a financial identity, then it is included in the important documents. The 10-digit number is known as a unique alphanumeric number. If you want to obtain any financial information from the Income Tax Department, then PAN card makes your work easy. The Income Tax Department issued an alert for users. It told which PAN card holders are fined Rs 10,000.
The Income Tax Department imposes heavy fines on holders who misuse the PAN card or do not follow the rules. Apart from giving wrong name, address or other information in the PAN card, you should not misuse the PAN card. Apart from this, you also have to pay a fine for not linking the PAN card with Aadhaar.
If someone has more than one PAN card, it is considered illegal. According to section 272B of the Income Tax Act, a fine of Rs 10,000 is imposed on those card holders who have more than one PAN card. Often, you get two PAN cards even if you have already applied for one PAN card. But if it is not updated, you have to apply again.
If you enter the wrong name, address or date of birth in the PAN card, you may face a big problem. If you are given wrong information, you can get the PAN card updated with the correct information and documents. There is a penalty on income tax. If it is important for you to change your surname after marriage, then you have to pay a penalty.
