Penalty for Non-Compliance with PAN Provisions Under Section 272B: Rs. 10,000 for Quoting Incorrect or Invalid PAN.

Section 272B of the Income Tax Act imposes a penalty for non-compliance with PAN provisions. This includes failing to obtain a PAN when required, knowingly quoting an incorrect PAN in prescribed documents, or providing an incorrect PAN to those deducting or collecting tax. The penalty for such defaults is Rs. 10,000 per violation. This applies to failures related to Section 139A, including not quoting or quoting an invalid PAN.

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