When penalty under Section 272B may be imposed?
Subject
FAQs on Penalty provision under IT Act
etds-answer
Penalty under Section 272B may be imposed for the following defaults:
- Failure to apply for Permanent Account Number (PAN), if it is required to be applied;
- Failure to quote PAN or Aadhaar in returns, challans etc.;
- Failure to intimate PAN or Aadhaar to the person responsible for deduction or collection of tax;
- Quoting or intimating a PAN or Aadhaar which is false or and which he either knows or believes to be false or does not believe to be true;
- Failure to quote PAN or Aadhaar in documents pertaining to financial transactions as prescribed under Rule 114B;
- Failure to authenticate PAN or Aadhaar;
- Obtaining multiple PAN.