Your PAN card is used for income tax, banking, investments, property transactions and many other financial activities. Because it is linked to so many important transactions, even a small error in your PAN details can create problems later.
Here are some important things every PAN holder should check.
Check your name carefully
Your name on the PAN should match the details used in your important financial and identity records.
Even a minor spelling difference can sometimes create problems while completing KYC or linking PAN with other documents.
Verify your date of birth
Check whether your date of birth is correctly recorded. An incorrect date of birth can create difficulties when PAN details are matched with other records.
If you discover an error, use the prescribed PAN correction process rather than applying for another PAN.
Never keep multiple PANs
An individual should not hold more than one PAN. If you have accidentally received multiple PANs, don't simply keep using whichever one is convenient.
Take the appropriate steps to surrender the additional PAN and retain the valid one.
Keep your PAN details secure
Avoid sharing your PAN photocopy or number with unknown people without understanding why it is required.
If an organisation requests your PAN, verify the organisation and the purpose for which the information is being collected.
Be careful with fake PAN-related calls
Scammers may contact people claiming that their PAN is about to be blocked, cancelled or suspended.
They may then ask for an OTP, bank details, card information or an immediate payment. Don't share sensitive information based solely on an unexpected phone call.
Check your PAN-linked financial information
Your PAN is associated with various financial transactions reported to the tax authorities. Regularly reviewing your tax-related information can help you identify transactions or income entries that you don't recognise.
If something appears incorrect, investigate it instead of ignoring it.
Don't laminate or damage important details
If you're carrying a physical PAN card, keep it in good condition. More importantly, maintain a secure digital copy of your PAN-related documents for situations where you need to provide the information quickly.
One PAN, accurate details, better financial records
PAN is more than just another identity document. It plays an important role in India's tax and financial system.
Make sure your details are accurate, avoid holding multiple PANs, protect your information and never share OTPs or banking credentials with someone simply because they claim to be calling about your PAN.
