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To avoid getting into any legal trouble or monetary loss, all need to fill the 10 digit PAN number with utmost care.

PAN Card Updates: Starting from banking services to filing ITR, the 10-digit unique alphanumeric number issued by the Income Tax (I-T) Department, PAN card, is an important document for all. However, everyone needs to take care of a few vital things. An individual need to pay a fine of Rs 10,000 for a slight lapse.

Last Date: 31 march 2023

The last date to link PAN with Aadhaar is March 31, 2022. If an individual does not link his/her PAN with his/her Aadhaar number by this date, then the penalty for linking it after April 1, 2022, will have a two-tier structure.

As per a notification issued by the Central Board of Direct Taxes (CBDT) on March 29, 2022, Rs 500 will be charged if PAN-Aadhaar is linked within three months after the expiry of the deadline. This would mean that if PAN-Aadhaar is linked between April 1, 2022, and June 30, 2022, then the individual will be liable to pay Rs 500 as a penalty for linking the same. If the linking of PAN-Aadhaar is done after three months, then a penalty of Rs 1,000 will be charged.

Fill 10 digit PAN number carefully:

To avoid getting into any legal trouble or monetary loss, all need to fill the 10 digit PAN number with utmost care. You will have to pay a hefty fine, if any spelling mistake is made while filing the PAN card details. Moreover, if any person has two PAN cards, he/she will have to pay a sum as fine amount.

Keep PAN Card with you always:

Apart from filing up the 10 digits details carefully, an individual must keep only one PAN card in possession. If an individual have two PAN cards, he/she is liable to pay hefty fine. The I-T Department will cancel such PAN card and will charge fine as penalty, as per the rules. Moreover, if there is any lapse in PAN card, bank account may get frozen. So, the individual must surrender the second PAN card to the department immediately, following the prescribed guidelines.

As per the Section 272B of the I-T Act, 1961, a person providing incorrect PAN information can be fined Rs 10,000 by the I-T Department. This provision is particularly applicable at the time of filing Income Tax Return (ITR) form or in other cases where PAN card details need to be entered.

What will happen if PAN-Aadhaar is not linked:

As per the press release issued by the CBDT, "In order to mitigate the inconvenience to the taxpayers, as per Notification No.17/2022 dated 29th March, 2022, a window of opportunity has been provided to the taxpayers upto 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. As a result, taxpayers will be required to pay a fee of Rs. 500 up to three months from 1st April, 2022 and a fee of Rs.1000 after that, while intimating their Aadhaar."

Thus, your PAN will remain operative till March 31, 2023 and unlinked PAN-Aadhaar can be linked by paying penalty amount. 

Do note that the income tax department can also levy a penalty under section 272B for up to Rs 10,000 for not having an active PAN.

How to make corrections for PAN Card online:

• Visit Protean eGov Technologies Limited or the UTIITSL portal
• Fill in the PAN Change Request Form online.
• Mention your PAN number correctly
• Select the checkbox next to the parameters that you wish to change.
• If you are changing how your name is spelt, enter the correct spelling, and select the checkbox on the left margin. Note: If you do not select the checkbox, the change will not be made.
• Check all your details and submit the form.
• Once your changes have been confirmed, a 15-digit acknowledgement number will be displayed. Save, this number as it is required for further communication or to track your application status.
• Make the payment, take a print out of the acknowledgement, attach the required documents.
• Send it to the Income Tax PAN Services Unit (Managed by Protean eGov Technologies Limited).
• If you are submitting the document on the UTIITSL website, you will have to send the required documents to any one of the UTIITSL offices in Mumbai, Kolkata, New Delhi, or Chennai.