CMA Intermediate · Direct and Indirect Taxation · PAN
Under the Income-tax Act, 2025, if a person fails to quote his Permanent Account Number in a document relating to a transaction prescribed under section 262(9)(a), what is the penalty the Assessing Officer may impose for each such default?
The penalty is Rs. 10,000 for each default. Section 467(3) lets the Assessing Officer impose this amount when a person fails to quote or authenticate PAN or Aadhaar in a document relating to a prescribed transaction under section 262(9)(a).
- ARs. 1,000
- BRs. 5,000
- CRs. 10,000Correct
- DRs. 50,000
Explanation
Section 467(3) provides that where a person fails to quote or authenticate his PAN or Aadhaar number in a document referred to in section 262(9)(a), the Assessing Officer may impose a penalty of Rs. 10,000 for each such default. The other amounts are not prescribed by that provision.
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