PAN CARD USERS ALERT: This mistake regarding PAN CARD can cause Rs 10K loss; Details right here

Permanent Account Number (PAN): A 10-digit precise alphanumeric number issued by the Income Tax (I-T) Department; PAN card is used for plenty critical works across the u. S … It is an crucial file which every citizen ought to have as monetary details are required to be stuffed up/shared for one-of-a-kind functions. However, an man or woman should take care of some critical matters. An individual can also need to pay a first-rate of Rs 10,000 for a moderate lapse.

PAN CARD USERS ALERT: This mistake regarding PAN CARD can cause Rs 10K loss; Details right here

PAN Card Users Alert: To keep away from moving into any legal problem or financial loss, an character need to fill the ten digit PAN variety with utmost care. An person has to pay a pleasant, if any spelling mistake is made at the same time as submitting the PAN information. Further, if any character has PAN cards, he/she will should pay a heafty sum as fine quantity.

Fill the 10 digit PAN card range carefully: Beside simply submitting up the 10 digits details carefully, an person must preserve simplest one PAN card in possession. If an person have PAN playing cards, he/she is prone to pay excellent.
The I-T Department can cancel such PAN card and will charge a heavy excellent, as in keeping with the regulations. If there’s any lapse in PAN card, financial institution account may get frozen. So, a person need to surrender the second one PAN card to the department straight away, following the prescribed recommendations.

Under Section 272B of the I-T Act, 1961, someone supplying incorrect PAN statistics may be fined Rs 10,000 via the I-T Department. This provision is especially applicable at the time of submitting Income Tax Return (ITR) form or in other instances wherein PAN card details need to be entered.

7) Once your changes had been confirmed, a fifteen-digit acknowledgement quantity might be displayed. Save, this wide variety as it’s miles required for in addition verbal exchange or to tune your utility popularity.

Eight) Make the price, take a print out of the acknowledgement, attach the required files.

Nine) Send it to the Income Tax PAN Services Unit (Managed with the aid of Protean eGov Technologies Limited).

10) If you are submitting the file on the UTIITSL internet site, you will need to ship the required documents to anyone of the UTIITSL places of work in Mumbai, Kolkata, New Delhi, or Chennai.

How to apply for PAN Card correction offline:

1) Download and print the PAN correction form.

2) Fill it and publish it in your nearest Protean eGov Technologies Limited or UTIITSL centre.

3) Submit required files.

Four) While filling inside the details, don’t forget to tick the container on the left margin for details that you would like modified in your PAN card.

Use of PAN card:

If someone makes Rs 2.5 lakh transactions annually, then PAN card might be required. PAN is obligatory for business institutions with a turnover of greater than Rs 5 lakhs. PAN is necessary if you are shopping for a automobile, motorcycle or every other automobile. PAN is obligatory on the market of immovable belongings above Rs 10 lakhs. Also, PAN is essential for any goods and offerings well worth extra than 2 lakhs.

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