Pan

This query is : Resolved

Guest

Guest (Querist)

11 June 2012 sir,

I am a student and i had opened up an account in a private bank 4 months back and i had not given my PAN no there soo i signed the relevent documents there also sir i made some FDR of around Rs60000 .and sir once i deposited more than RS50000 in a single day and had signed FORM 60 . sir my bank says that i need to submit my pan positively soo sir what should i do.(actually i had a pan but i didnt want to disclose it to bank)

sie i want to ask that what will be the conequences with me for wrongly signing these documents..

please help urgently sir plz.........

Ajay Mishra

Ajay Mishra (Expert)
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11 June 2012 Hi

I think, it will be necessary to give PAN of the company for the same.

Regards

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 June 2012 If copy of PAN card is not given to bank, they will deduct income tax on FD interest @ 20 % as per section 206AA of the IT Act,1961.

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C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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11 June 2012 yes i am agree with warrier.

Guest

Guest (Querist)

11 June 2012 sir i want to ask that i already had pan card but i had not given it and falsely signed form 60 .

now i want to give my pan what will be the consequences of wrongly signing the form 60.......

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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09 August 2024 If you have a PAN card but used Form 60 instead, here’s what you should know and do:

### **Consequences of Incorrectly Using Form 60**

1. **Legal Implications:**
- **Misrepresentation:** Signing Form 60 when you have a PAN card constitutes misrepresentation. Form 60 is intended for individuals who do not have a PAN card. Using it while having a PAN can be considered a violation of tax regulations.
- **Penalties:** While the Income Tax Department might not immediately penalize for such an error, repeated or intentional misuse could attract scrutiny or penalties.

2. **Bank's Compliance Requirements:**
- **KYC Regulations:** Banks are required to adhere to Know Your Customer (KYC) norms, which mandate that customers provide their PAN for transactions above certain thresholds. Failing to provide the PAN might lead to compliance issues for the bank and could affect your account status.

### **Steps to Correct the Situation**

1. **Submit Your PAN to the Bank:**
- **Update Details:** Contact your bank immediately and provide your PAN card details. Request them to update your account records with the correct PAN information.
- **Documentation:** You might need to submit a copy of your PAN card along with a written request to update your records.

2. **Rectify the Form 60 Submission:**
- **Clarify Error:** Inform the bank that Form 60 was submitted in error because you already have a PAN card. Request them to correct the records to reflect your PAN.

3. **File a Revised Return:**
- If you have filed any tax returns using Form 60 instead of your PAN, you may need to revise your tax returns to include your PAN, if applicable. Consult a tax professional for guidance.

4. **Understand and Comply with Regulations:**
- **Review Regulations:** Familiarize yourself with the rules regarding PAN and Form 60 to ensure compliance in the future.
- **Consult a Tax Professional:** If you are unsure about the legal implications or need specific advice, consulting a tax professional or financial advisor would be beneficial.

### **Preventive Measures for the Future**

1. **Always Provide Correct Information:**
- Ensure that all your financial documents, especially those involving tax and compliance, reflect accurate information.

2. **Stay Informed:**
- Keep up to date with tax regulations and financial compliance requirements to avoid similar issues in the future.

By promptly addressing the issue and updating your PAN details with the bank, you can rectify the error and avoid further complications.