The income tax department has now allowed Aadhaar card holders to use the 12-digit biometric id number in place of the Permanent Account Number (PAN). However, according to new amendment, if the taxpayer entered wrong aadhaar number while filing the IT return, he/she would be fine Rs 10,000.
According to the latest amendment to the IT Income Tax Act 1961, taxpayers can use their aadhaar card number in place of PAN, but giving a false aadhaar number will invite a penalty of Rs 10,000. The new rules are applicable only when the person is using aadhaar card in place of PAN. The new amendment is applicable while filing IT returns, opening bank accounts, demat account and buying mutual funds, bonds of more than Rs 50,000.
The penalty of Rs 10,000 will be imposed under section 272B of the Income Tax Act, 1961. According to reports, if taxpayers enter wrong aadhaar number in two forms, he/she will be fined Rs 20,000. If one fails to provide either your PAN or Aadhaar in specified transactions then also he/she will be fined.
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