When penalty under Section 272B may be imposed?

Ans. Penalty under Section 272B may be imposed for the following defaults:

a. ​Failure to apply for Permanent Account Number (PAN), if it is required to be applied;

b. Failure to quote PAN or Aadhaar in returns, challans etc.;

c. Failure to intimate PAN or Aadhaar to the person responsible for deduction or collection of tax;

d. Quoting or intimating a PAN or Aadhaar which is false or and which he either knows or believes to be false or does not believe to be true;

e. Failure to quote PAN or Aadhaar in documents pertaining to financial transactions as prescribed under Rule 114B;

f. Failure to authenticate PAN or Aadhaar;

g. Obtaining multiple PAN.​