How Can Someone Misuse Your PAN Card?

Back

Exit Guide

How Can Someone Misuse Your PAN Card?

PAN card may be misused for benami transactions by people who want to evade tax and gather black money.

It may be used to get tax rebates by others.

It may be used to get a loan or credit card in your name by others.

All of this can be prevented by doing one simple thing:

Do not share your PAN card details with anyone unnecessarily.

Why is it necessary to have a police FIR if you lose your PAN card?

Anyone can take a loan on your name using your PAN card.

This can harm your credit score since the loan taker does it with no intention to repay.

This can lead to difficulty in getting a loan in future.

When your card is lost, login to a Credit score calculating website and check if any loan has been taken on your name. If yes, inform the police as well.

Informing the police about card loss can help undo such mishaps on your credit score.

Pro tip

Check Form 26AS statement to get a list of all the places where your PAN number has been used. This is one of the ways of finding out if your PAN Card is being misused.

Points to remember:

Here are some key takeaways from this section that you should remember.

Permanent Account Number or PAN is a number given to both taxpayers and others.
It can be used as address and identity proof and to get services like electricity, telephone, LPG, internet.
You can apply for a PAN card on – https://www.tin-nsdl.com/
The Income Tax department will issue a duplicate PAN card if your original gets lost or damaged.
To prevent misuse of your PAN card, do not share your PAN card details with anyone unnecessarily.

Let's Start the Quiz!

To test your learning in PAN Cards.

Play the Quiz

CONGRATULATIONS

You have successfully completed PAN Cards!

Continue learning

Insurance Policy Documents

Learn about Insurance Policy Documents

Start