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What is the penalty for not complying with the provisions relating to PAN?

Open uri20170510 32134 7ezpi6?1494421819 asked

What is the penalty for not complying with the provisions relating to PAN?

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6 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Normally PAN number will used for filing income tax return, whose income exceeds as per limit given by income tax department.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

not obtaining PAN even when he is liable to obtain PAN or ; knowingly quoting incorrect PAN in any prescribed document or; intimating incorrect PAN to the person deducing tax or person collecting tax.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

As per the provisins of section 272B of Income Tax Act 1961, in case of any defaults made by the assessee in complying with the provisions relating to PAN then a penaly of Rs10000 can be levied. The following are the circumstances which relates to non compliance of provisions relating to PAN:- 1. Holding more than one PAN CARD and using both PAN NUMBERS WITHOUT SURRENDERING ONE PAN CARD. 2. Knowing quoting incorrect PAN NUMBER TO THE PERSON RESPONSIBLE FOR COLLECTING OR DEDUCTING TAX AT SOURCE.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Section 272B provides for penalty in case of default by the taxpayer in complying with the provisions relating to PAN, i.e., not obtaining PAN, even tough he is liable to obtain PAN or knowingly quoting incorrect PAN in any prescribed document in which PAN is to be quoted or intimating incorrect PAN to the person deducing tax or person collecting tax. Penalty of Rs. 10,000 under ​​se​ction 272B can be levied.​ Thanks

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

PAN is a ten-digit unique alphanumeric number issued in the form of a laminated card by the income tax department for identification purpose. ## Penalty for not complying with provisions relating to PAN ## Section 272B of the Income tax act provides for penalty in case of any default on the part of the taxpayer in complying with the provisions relating to PAN, i.e., - not obtaining PAN even when he is liable to obtain PAN or ; - knowingly quoting incorrect PAN in any prescribed document or; - intimating incorrect PAN to the person deducing tax or person collecting tax. **Penalty of Rs. 10,000 under section 272B can be levied.** A reasonable opportunity to be heard is provided to the assessee before imposing penalty, If there is a reasonable cause for failure then penalty may not be imposed.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Jaggu, 1.Normally PAN number will used for filing income tax return, whose income exceeds as per limit given by income tax department. 2.Pan number will also used in Tds related transactions, where if you not given your pan number the payer will deduct higher tds rate instead normal rate.

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