Section 272B → Section 362
Penalty for failure to comply with PAN provisions
Quick Answer
Section 272B of the Income Tax Act, 1961 (Penalty for failure to comply with PAN provisions) corresponds to Section 362 of the Income-tax Act, 2025, effective 1st April 2026. Status: Retained.
What changed for Section 272B
In the 1961 statute, Section 272B deals with penalty for failure to comply with PAN provisions. Penalty of Rs. 10,000 for quoting a false PAN or failing to quote PAN in specific transactions.
Under the Income-tax Act, 2025 (effective 1st April 2026), Section 272B is retained and renumbered as Section 362 of the Income-tax Act, 2025. Retained. Also applies to Aadhaar quoting where interchangeable.
The transition impact on Section 272B is assessed as Low. General compliance deterrent.
Sec 272B
Provision Summary
Penalty of Rs. 10,000 for quoting a false PAN or failing to quote PAN in specific transactions.
Sec 362
Provision Summary
Retained. Also applies to Aadhaar quoting where interchangeable.
Key Changes & Highlights
- Strictly applied to banking transactions above specified limits.
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Frequently Asked Questions
Which subject does Section 272B of the 1961 Act cover?
Section 272B of the Income Tax Act, 1961 covers penalty for failure to comply with PAN provisions. Penalty of Rs. 10,000 for quoting a false PAN or failing to quote PAN in specific transactions.
What is the new section number for Section 272B under the Income-tax Act, 2025?
Section 272B of the Income Tax Act, 1961 maps to Section 362 of the Income-tax Act, 2025, effective 1st April 2026 (status: Retained). Retained. Also applies to Aadhaar quoting where interchangeable.
How does the Income-tax Act, 2025 affect Section 272B in practice?
The transition impact for Section 272B is rated Low. General compliance deterrent.
What is new about Section 272B under the Income-tax Act, 2025?
Strictly applied to banking transactions above specified limits. These points are specific to Section 272B (Penalty for failure to comply with PAN provisions).
Disclaimer: This mapping of Section 272B (Penalty for failure to comply with PAN provisions) to Section 362 of the Income-tax Act, 2025 is for educational and reference purposes only, based on publicly available drafts and circulars. As Section 272B is currently marked Retained, always confirm its treatment with a qualified Chartered Accountant before filing or making compliance decisions.
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