Important warning for PAN card holders, heavy fine of up to ₹ 5000 for not making corrections!

An important warning has been issued for PAN card holders. If there is any error in your PAN card or if you have not linked it with Aadhar card, then get it corrected as soon as possible now. Recently the Income Tax Department has clarified that a fine of up to ₹ 5,000 can be imposed for keeping any wrong information in the PAN card or not linking it with Aadhaar.

Why is it important to make corrections in PAN card?

1. Aadhaar-PAN Link Mandatory: The government has made it mandatory for all PAN card holders to link their PAN with Aadhaar card. If not linked, not only will the PAN card become invalid but you may also have to face problems in financial transactions.
2. Penalty for wrong information: If there is any wrong information in your PAN card, like name, date of birth, or other details, it is necessary to correct it quickly. A fine of ₹5,000 can be imposed under the Income Tax Act for keeping incorrect information in the PAN card.
3. interruption in financial transactions: PAN card is an important document which is required for banking, investment, and financial transactions. If your PAN card becomes invalid, all your financial transactions may come to a halt.

How to make correction in PAN card?

1. online correction process: You can make necessary corrections in your PAN card by visiting the official website of the Income Tax Department. For this you will have to upload your identity and address proof.
2. Aadhaar-PAN linking: If you have not yet linked PAN to Aadhaar, then link it soon. This work can also be done online.

What could be its side effects?

If you do not make the correction on time, you will not only have to pay a fine of ₹ 5,000, but your PAN card may also become invalid. This may also cause problems with your bank accounts and other financial services.

Therefore all PAN card holders are advised to immediately check their PAN card information and ensure to link it with Aadhaar.