Connect with us

India

Non compliance fine of Rs 10000 for PAN cardholders

Published

on

Starting April 1, 2022, if someone’s Permanent Account Number (PAN) is not linked to his Aadhaar Card, your PAN card will become inactive. The income tax administration has extended the deadline for linking all PAN cards in India with Aadhaar cards to March 31, 2022. After the deadline, all PAN cards that are not linked to Aadhaar cards would be deemed inactive.

As per Section 139AA of the Income Tax Act, everybody possessing a PAN as of July 1, 2017, who is eligible for Aadhaar must link their PAN to their Aadhaar number. When completing an income tax return, the taxpayer must include their Aadhaar number.

If a PAN is invalid, the income tax agency will assume that the individual has failed to file a PAN and will impose penalties. “Where a person whose permanent account number has become inoperative…. is required to furnish, intimate, or quote his permanent account number under the Act,” the CBDT stated, “it shall be deemed that he has not furnished, intimated, or quoted the permanent account number, as the case may be, by the provisions of the Act, and he shall be liable for all the consequences under the Act for not furnishing, intimating, or quoting the permanent account number.”

Every time you fail to provide your PAN number, you will be fined Rs 10,000.

It should be mentioned that a PAN card is required for a variety of operations, including opening a bank account, purchasing mutual funds or shares, and even conducting cash transactions of more than Rs 50,000.

If a PAN is not cited or supplied as required by the Income Tax Law, a penalty of Rs 10,000 can be imposed, according to Section 272B of the Income Tax Act. A penalty might be levied for each instance of non-compliance under the requirements.

“A fine of ₹10,000 would be imposed on each default,” Naveen Wadhwa, DGM, Taxmann, explained the law. Let’s say Mr. A’s PAN stops working. He pays in cash to a hotel for an amount greater than Rs 50,000, as well as for the purchase of foreign currency for an amount greater than Rs 50,000. The income tax agency can levy a penalty of Rs 20,000 in this case, i.e. Rs 10,000 for each default.”

The Union government included a new provision 234H to the Income Tax Act in Budget 2021, requiring individuals to pay a penalty if their PAN and Aadhaar are not connected by the deadline. If a person misses the deadline, he or she will be responsible to pay a penalty of not more than Rs 1,000.

“Even though the deadline for connecting your PAN with your Aadhar has been extended to March 31, 2022,” Sujit Bangar, creator of Taxbuddy.com, stated, “it’s important to complete this connection as soon as feasible.” The linking of PAN and Aadhar provides several advantages, including faster refunds.”

When the Aadhaar connection procedure is completed, your inactive PAN cards will become operational.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Three Navi Mumbai Residents Duped of ₹27 Lakh in MGL Bill Update Scam

Published

on

Cyber fraudsters used a fake mobile app to gain access to victims’ bank accounts; police urge citizens to stay vigilant.

Three residents of Navi Mumbai have fallen victim to a cyber fraud in which scammers posing as representatives of Mahanagar Gas Limited (MGL) allegedly cheated them of nearly Rs 27 lakh. The fraudsters convinced the victims to download a fake mobile application under the pretext of updating their gas bill details, enabling unauthorized access to their bank accounts. According to the police, the victims received phone calls and text messages claiming that their MGL gas connection would be disconnected if they failed to update their billing information immediately. They were then sent a link to download a fraudulent APK file disguised as an official application.

Once the application was installed, the cyber criminals allegedly gained remote access to the victims’ mobile devices and obtained sensitive banking credentials. Using this information, they carried out unauthorized transactions, resulting in a collective loss of approximately Rs 26.59 lakh. Following complaints from the victims, the police registered cases under relevant cybercrime provisions and launched an investigation to trace those involved in the fraud. Officials are examining digital evidence and transaction records to identify the accused.

Police have advised citizens to avoid downloading applications from unknown links, refrain from sharing banking or personal information over phone calls or messages, and verify any communication regarding utility bills through the official website or customer service channels of the concerned service provider before taking any action.

Continue Reading

Latest News

Thailand-Linked Drug Racket Busted in Navi Mumbai; Six Arrested

Published

on

Police seize narcotics and property worth Rs1.33 crore, hunt on for Thailand-based kingpin.

The Arrests

In a major crackdown on international drug trafficking, the Navi Mumbai Police’s Anti-Narcotics Cell (ANC) has busted an alleged Thailand-linked hydroponic cannabis racket, arresting six persons and seizing narcotics and other property collectively worth Rs1.33 crore. Police said the suspected mastermind is operating from Thailand and remains absconding.

The operation began on July 10 after the ANC received specific intelligence about drug trafficking activities at a hotel in Turbhe. Acting on the tip-off, officers raided the premises and arrested two suspects, recovering 648.5 grams of hydroponic cannabis valued at Rs70.35 lakh along with 5 grams of cocaine. Interrogation of the accused led investigators to additional suspects in Mira Road, Chembur, Dombivli and Ghatkopar. During the subsequent raids, police seized more hydroponic cannabis, taking the total recovery to nearly 1.3 kilograms. Twelve mobile phones were also recovered during the operation.

According to police, the investigation uncovered an alleged international supply chain with links to Thailand. The suspected kingpin, identified as an Indian national currently based in Thailand, is believed to have coordinated the smuggling and distribution network through local operatives in the Mumbai Metropolitan Region. Police said efforts are underway to trace the absconding mastermind and identify other members of the international narcotics syndicate. Further investigation is in progress.

Continue Reading

Latest News

Truck Driver Killed in Taloja, Co-Worker on the Run

Published

on

Police suspect long-standing caste-related rivalry as the motive, manhunt launched to nab the absconding accused.

The Case

A 45-year-old truck driver was allegedly murdered by his co-worker at a transport company in Taloja, Navi Mumbai, following a long-standing caste-related rivalry between their families. The Taloja Police have registered a case of murder and launched a manhunt to trace the accused, who remains absconding.

According to the police, the victim and the accused had been working together despite an ongoing dispute linked to caste tensions that had existed between their families for several years. Investigators believe the rivalry escalated into a violent confrontation at the workplace, resulting in the fatal attack. After the incident, the accused allegedly fled the scene before police arrived. The victim was rushed for medical assistance but succumbed to his injuries. Police officials have begun collecting evidence from the crime scene and recording statements of witnesses and colleagues to establish the sequence of events.

A murder case has been registered under the relevant sections of the Bharatiya Nyaya Sanhita (BNS). Authorities are conducting raids at multiple locations to apprehend the suspect. Police have appealed to anyone with information about the accused’s whereabouts to come forward and assist in the investigation. Officials stated that efforts are underway to ensure the accused is arrested at the earliest and that further investigation into the motive and circumstances surrounding the incident is ongoing.

Continue Reading

Trending