As we all know various types of documents like Aadhar Cards, PAN Card, Ration Card, and Voter IDs are necessary for Indians for government and non-government work, in such a situation, if we talk about PAN card, then it is a necessary document for various banking works, transactions, once issued, the PAN number remains with you for life, and it becomes an integral part of your financial identity. Misuse of PAN card data can lead to identity theft, financial loss, and legal complications. Let's know about the mistakes that we should not make-

Types of PAN card misuse

Loan fraud: The most common way to misuse your PAN card is to get a loan in your name. With access to your PAN and Aadhaar details, fraudsters can easily apply for loans through online lending apps, which often do not require much verification.

Tax evasion: Fraudsters can also use your PAN card to evade taxes. For example, someone can enter into a rental contract using your PAN, over-reporting rental income, which can be used to evade taxes.

How to spot PAN card fraud?

Check your credit score:

A sudden drop in your credit score can be a red flag indicating that a loan has been taken in your name without your knowledge.

Form 26AS:

You can also download Form 26AS from the Income Tax Department website. This form will show you all the transactions related to your PAN card, including any loans or income reported in your name.

Report to authorities:

If you suspect any fraudulent activity related to your PAN card, report it to the Income Tax Department immediately.

How to protect your PAN card from misuse

Be careful with your PAN card details:

Never share your PAN card details unless necessary. If you have to give a copy of your PAN, ensure it is given only to trusted parties and always state the purpose of submission.

Sign the copies carefully:

If someone needs a copy of your PAN card, ensure you sign it and write the reason for sharing it on the document.

Disclaimer: This content has been sourced and edited from [Samacharnama]