272B provides penalty in case of default by the taxpayer in complying with the provisions of section 139A or knowingly quoting incorrect PAN in any document referred to in section 139A(5)(c) or intimates incorrect PAN for the purpose of section 139A (5A)/(5C).
1. Section 139A provides various provisions relating to obtaining of PAN and quoting of PAN by the taxpayer.
2. Section 139A(5)(c) provides for quoting of PAN by the taxpayer in certain prescribed financial transactions.
3. Section 139A(5A) provides for intimating PAN by the taxpayer to the person deducting tax at source (i.e. TDS).
4. Section 139A(5C) provides for intimating PAN by the taxpayer to the person collecting tax at source (i.e. TCS).
Penalty under section 272B is Rs. 10,000.