Learn to Earn, Online or Offline by Ethical Means [ Established 2011 ]
by Pranali Sharma · 05/07/2017
Just wanted to know if some body is using 2 PAN cards to save the taxes what action is been taken by the authority. And what are the charges.How he/she can be tracked. What are the actions take by the government.
To apply for pan card visit : http://finfyi.com/pan-card-online-apply/
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Just wanted to know if some body is using 2 PAN cards to save the taxes what action is been taken by the authority. And what are the charges. How he/she can be tracked. What are the actions take by the government.
Before the government made it compulsory for people to link their PAN with Aadhaar, many people used to have multiple PAN cards to avoid paying taxes on their income. It was also considered as a simple way to take loans using the second PAN card if the assessee had a bad credit history attached with the first PAN card. But now that the government has made it compulsory to link PAN with Aadhaar, multiple PAN cards can no more be used to evade taxes.
As per the section 227B of the Income Tax Act, 1961, a person found having two PAN cards in possession is liable to be fined Rs 10,000 and the assessing officer can impose this fine on the fraudulent taxpayer. Banks check CIBIL score of an applicant before granting a loan. When CIBIL authorities find the taxpayer to have multiple PAN cards, it blacklists the applicant and it becomes very tough for the applicant to take loans from and financial institution.
Visit https://www.trutax.in/ for detailed information.
One of my friends is working as CIBIL Consultant [https://xpertconsultants.in/tell-us-your-cibil-problem/] and during investigations – it was found that individuals were having multiple PAN cards just to cheat the Banks but they filed their income tax returns under only one PAN Card. It is also found that Government has also alloted same PAN Card Number to two different individuals [http://www.samadhankender.com/2016/05/are-you-holding-more-than-one-pan-card.html] – who are facing difficulty in filing and tracking their income tax returns.
To remove these anomalies Government of India has correctly asked the citizens to link their PAN card with their Aadhar and the unlinked PAN cards will automatically be invalidated and removed for the system.