IT Department Targets Inactive PANs, Imposes Rs. 10,000 Penalty Per Transaction

IT Department Targets Inactive PANs, Imposes Rs. 10,000 Penalty Per Transaction

The Income Tax Department has taken strict action against individuals using inactive Permanent Account Numbers (PANs) for performing their financial transactions. In this context, the department has given a warning and also imposed a penalty of up to Rs 10,000 per transaction on individuals using such PANs. This step is part of a larger effort to make sure everyone follows the rule of linking their PAN with Aadhaar. The aim is to systematise tax administration and to restrain tax evasion.