PAN card scams target deceased, senior citizens and students, says report; here are 5 handy tips to prevent fraud

Several cases of PAN card misuse have been reported recently, as per a media report. It is advisable for all PAN card holders to check their annual information statement which provides comprehensive data from reporting entities such as banks and property registrars.

Livemint
Published18 Jun 2024, 05:58 PM IST
PAN card fraud: The linking of PAN with Aadhaar was brought in largely to prevent misuse.
PAN card fraud: The linking of PAN with Aadhaar was brought in largely to prevent misuse.(Reuters)

A major scam involving PAN card misuse is likely unfolding across the country, according to a media report.

Several cases of PAN card misuse have been reported from various parts of India, the Times of India reported. Numerous cases have come to light where vulnerable groups such as the deceased, senior citizens, farmers, and students were targeted by fraudsters misusing their PAN cards.

Recently, a Mumbai-based senior citizen had to move to the Income Tax Appellate Tribunal (ITAT) due to alleged misuse of her PAN.

Her counsel had claimed that her PAN was misused in a property registration.

As per the report, the illiterate woman's PAN card was misused for a property sale worth 1.3 crore in 2010-11, and the Income Tax department treated the amount as her income.

According to the report, the Central Board of Direct Taxes (CBDT) said that individuals should refrain from sharing their PAN information/PAN card where it is not mandated by the government's guidelines or is in the public domain.

“The PAN database at present is more than 70 crores. Linking with Aadhaar was brought in largely to prevent/stop misuse of PAN. However, if there are cases of suspected misuse of PAN, it is advised that a complaint may be filed with the police,” it added.

Several cases have also been reported in the past where fraudsters misused PAN cards to get personal loans through fintech apps.

Here are some key steps you can follow to check PAN card misuse

It is advisable for all PAN card holders to thoroughly check their annual information statement (AIS) which provides comprehensive data from reporting entities such as banks and property registrars.

The AIS data includes bank interest, dividends and transactions related to the purchase and sale of movable or immovable assets.

A PAN card holder can generate credit scores to check whether his PAN was misused.

Through CIBIL, Equifax, Experian or CRIF High Mark, you can check if any loan has been taken under your name.

Financial reports should be checked through fintech platforms such as Paytm or Bank Bazaar.

 

Also Read | Income tax e-filing: You can file your ITR even if your PAN card is inoperative
Also Read | Can you open a demat account without a PAN card?
Also Read | How to check CIBIL score without a PAN card?
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First Published:18 Jun 2024, 05:58 PM IST
HomeNewsIndiaPAN card scams target deceased, senior citizens and students, says report; here are 5 handy tips to prevent fraud

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