PAN Card is a very important document, which is used in income tax, banking and other financial works. Many people take it lightly, but small mistakes related to PAN card can cause heavy damage. The Income Tax Department monitors your income and financial transactions through PAN card. Therefore, it is very important to understand the precautions related to it.

1. If you lose PAN card, do this work immediately

If your PAN card is stolen or is lost, do not ignore it. Today, cases of identity theft and fraud are increasing, and thieves can use your PAN card in illegal financial transactions.

What to do if PAN card is lost?

1. Regarding the report with the police – First of all, file an FIR (FIR) at the nearest police station, so that no one can misuse it.
2. Information to the Income Tax Department – Log in on the Income Tax Department website and update the status of your PAN card.
3. Give information to banks and other financial institutions-Wherever your PAN card is registered, inform it so that any suspicious activity can be stopped.
4. Apply for duplicate PAN card – You can get a new PAN card by visiting NSDL or Utiitsl website.

2. Keeping more than one PAN card is illegal

Many people accidentally or deliberately make more than one PAN card, but this is a legal offense. Under the Income Tax Act 1961, any person is allowed to keep the same PAN number.

What to do if you have two PAN cards?

• Surrender a PAN card – If you have two PAN cards, immediately return one to the income tax department.
• Avoid penalty – If the Income Tax Department comes to know that you have two PAN cards, then a fine of up to ₹ 10,000 can be imposed.

Surrender process:

1. Log in on the income tax e-filing portal.
2. Click on ‘Request for Pan Surrender’ option.
3. Submit your additional PAN card number and submit it.

3. Giving wrong PAN number may impose penalty

Whenever you make a big financial transactions, such as filing income tax returns, opening a bank account or investing, it is very important to enter the right PAN number.

What can happen by giving wrong PAN number?

1. Fines of up to ₹ 10,000 – Under Section 272B of Income Tax Act, registering wrong PAN number can impose heavy penalty.
2. The transaction may be rejected – the wrong PAN number can stop your bank or investment process.
3. Problem in ITR filing – If you are filling income tax returns (ITR) and entering the wrong PAN number, then your return may be rejected.

How to take precautions?

• Re -check the PAN number before filing ITR.
• Verify PAN card details in banking and other financial transactions.
• Protect a digital copy of your PAN card in your phone or laptop.

4. Incorrect information in PAN card can cause harm

If your PAN card has a name, date of birth or other information wrong, then you may have to face many problems.

What can cause harm from wrong information?

1. The bank account can be freeze – if the wrong information is wrong, the bank can block your account.
2. Problems in loans and credit cards – Applying in loans, credit cards and other financial services may occur.
3. Problem in ITR filing – Your income tax return process may be delayed, which can also cause additional penalty.

How to improve?

If there is any mistake in your PAN card, then fix it as soon as possible. You can fill the PAN card correction form by visiting the website of NSDL or Utiitsl.