Pancard Update: The Government of India has introduced a PAN card to curb fraudulent activities. In this modern and technological era, if you do not have a PAN card, then all the work related to income tax along with banking facilities stops. Without this, people have to face problems. The Income Tax Department remains very active regarding PAN cards.
It is through the PAN card that the Income Tax Department keeps an eye on taxpayers’ financial transactions. Therefore, you should use the PAN card very carefully. If you are not careful, then you may have to face problems. Therefore, you must use the PAN card very carefully. Otherwise, a fine can also be imposed. Such a claim is being made in media reports.
Providing wrong information of PAN card will cost heavily
Providing wrong information about PAN cards can cost heavily to people. A PAN card is required for financial transactions like filing income tax returns or purchasing something with a large amount. In such a situation, if you provide the wrong PAN card number, then major action can be taken by the Income Tax Department.
For doing this, a fine can be imposed by the Income Tax Department. Therefore, it is important that you first correct the information on the PAN card. You will need to correct the name, date of birth, etc, if the information given in the PAN card and bank account is not found to be correct, then it can be closed. Due to this, you may also face problems in financial transactions.
What to do if the PAN card is stolen?
PAN card is an important document. Therefore, do not share your PAN card information with anyone. If the PAN card is lost or stolen by sharing the information, someone else can also use it. Therefore, if the PAN card is lost, you can first register a complaint about it. Also, inform the bank and the Income Tax Department about this. By doing this, no fraud can be committed through the PAN card.