Penalty for Failure to comply with provisions of relating to Permanent Account Number (PAN)

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.

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10.	Penalty for failure to furnish a report from an accountant as required by section 92E
11.	Penalty for failure to deduct tax at source, wholly or partly or failure to pay wholly or partly tax under section 115-O(2)
12.	Penalty for failure to pay tax in respect of winning from lottery or crossword puzzle
13.	Penalty for failure to collect tax at source
14.	Penalty for Taking or accepting certain loans or deposits or specified sum in contravention of provisions of section 269SS
15.	Penalty for Repaying loans or deposits or specified advance in contravention of provisions of section 269T
16.	Penalty for Failure to furnish statement of financial transaction or reportable account (previously called as ‘Annual Information Return (AIR)’) as required under section 285BA(1)
17.	Penalty for furnishing inaccurate statement of financial transaction or reportable account
18.	Penalty for failure to furnish statement or information or document by an eligible investment fund.
19.	Penalty for Failure to furnish any information or document as required by section 92D(3)
20.	Penalty Section 271GB for failure to furnish report or for furnishing inaccurate report under Section 286
21.	Penalty for failure to furnish information or document under section 285A
22.	Penalty for failure to file the TDS/TCS return
23.	Penalty for failure to furnish information or furnishing inaccurate information under section 195
24.	Penalty for Failure to co-operate with the tax authorities
25.	Penalty under section 272A(2)
26.	Penalty for failure to comply with provisions of section 133B
27.	Penalty for Failure to comply with provisions of relating to Permanent Account Number (PAN)
28.	Penalty for Failure to comply with provisions relating to Tax Deduction Account Number or Tax Collection Account Number
29.	Relaxation from penalty
30	[A] Types of Penalties imposed under Income Tax Act. 1961.
31	[B] Power to Reduce or Waive Penalty, etc. in certain cases (Section 273 A)
32	[C] Stay or Compounding proceedings [Section 273 A (4)]
33	[D] Procedure for imposing Penalty [Section 274]
34	[E] Time limits of commencement and completion of Penalty proceedings (Section 275)
35	[F] Power of Commissioner to Grant Immunity from Penalty [Section 273AA]
36	[G] Summary Of Provisions Relating To Penalties
37	[H] Important Notes on Penalty under Income Tax Act. 1961.

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Penalty for Failure to comply with provisions of relating to Permanent Account Number (PAN)

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