If ever, you fill the form and they ask for your PAN number, give the PAN number carefully. Because if you give the wrong number, then you can be fined Rs 10,000. Under Section 272B of the Income Tax Act 1961, the Income Tax Department may impose a fine of Rs 10,000 for giving an incorrect PAN number. This rule applies when you are filing your income tax return or giving your PAN details in other cases where it is mandatory to mention it.

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The Income Tax Department has a list of at least 20 such cases where it is mandatory to provide PAN number. It is mandatory to provide PAN for opening a bank account, buying or selling a car, buying a mutual fund, buying shares, debentures, bonds, etc. For information, let us know that once a PAN card is received, you cannot apply for it again, because PAN card is made once and it is valid for life.

Banks often ask you to provide a photocopy of your PAN card. It is correct to do so, even if you inadvertently gave the wrong number in the form, it can always be verified with bank photocopies. If you do not remember the PAN, you can also provide the Aadhaar card number as both documents are necessary. At the moment, if you give the wrong Aadhaar number in lieu of PAN, you can be fined Rs 10,000. In addition, penalties for not mentioning PAN or Aadhaar number in transactions can also be imposed.

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What happens if there are two PAN cards - no person is allowed to have more than one PAN. Under Section 272B of the Income Tax Act, 1961, you can be fined Rs 10,000 for having two PANs. If you have two PAN cards, return one of them as soon as possible. If PAN is not linked to Aadhaar, it may be declared invalid by the Income Tax Department after 31 December.

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