Suppose a fraudulent person has done a high value transaction on your PAN, then its details will be shown in Form 26AS. So to know the misuse of PAN, you should download Form 26AS.
PAN card PAN card is the most important document for banking or financial work. Whether it is taking income tax return or depositing EPF money, PAN has become mandatory. There are many other works where nothing will happen without giving PAN card. Because of this, you must have given PAN card details at many places. Remember that where the details of PAN have been given earlier. In such a situation, there is a question that whether the PAN card is being misused? Do you know where the details of PAN have been given, with the help of that any fraud is happening.
PAN card is very personal information which should be kept safe and secure. Everything related to the Income Tax Department is related to it. That is why it is important to be vigilant and conscious about your PAN. Even if we leave aside the matter of loan and credit, then even in many small works, PAN is being mentioned nowadays. Whether to book hotels or take tatkal tickets in railways, we also give PAN there. Sometimes PAN is also given for taking SIM card. Later on we forget. So is it not possible to misuse PAN? It is essential to investigate this matter.
Consider these 3 questions
Here 3 types of questions arise. Can PAN be misused? If yes, how can I avoid it? And the third question, how do we check that PAN is not being misused? It is believed that if your PAN is in the hands of a fraudulent person, then the work can be spoiled. There have been incidents in the past when big scams were done using the PAN of a person. A man earning a meager amount was made the promoter of a big company. Large loans were taken on that person’s PAN.
It has been seen many times that a person has been made a guarantor in the loan by misusing the PAN. Making a guarantor without his knowledge is a crime in a way. If a transaction of Rs 2 lakh is done simultaneously, then it is necessary to give PAN for that. Here if your PAN goes into the wrong hands, it can be misused. Many people do transactions of more than 2 lakhs but can give someone else’s PAN card to hide their identity. If this happens, then it will appear in your Form 26AS and the tax liability will be yours. In this, a notice of tax may come in your name.
Second case. Suppose you have not opened your account on the income tax portal on the basis of your own PAN. In such a situation, a fraudster can create an account on your PAN. That fraud man will have control over this account and through this he can do many fraudulent things. You won’t even know.
How to check
Suppose a fraudulent person has done a high value transaction on your PAN, then its details will be shown in Form 26AS. So to know the misuse of PAN, you should download Form 26AS. It can be downloaded from the Income Tax portal. It can also be taken from the portal of TRACES. After downloading this form, all the transactions can be checked. This will detect abuse.
Use PAN only when it is mandatory. That is, without giving PAN, work will not happen. Do not use the same PAN where you want. If work can be done by giving any other ID, then PAN is not to be given, but work can be done by giving alternate ID. If you are giving a hard copy of PAN, then sign on it, write the date and also write for what purpose you are using PAN. Third solution, if you have PAN, then definitely create an account on the income tax portal. There is no loss from this, but there will be benefit in future.