Major points to Prevent Tax Fraud – Alankit Limited

 What is Tax Fraud?

Tax fraud happens when someone or business entity purposely and deliberately falsified data on a tax return to restricting the proportion of tax penalty. Tax fraud necessarily encompasses defrauding on a tax return in an endeavour to resist paying the full tax commitment. Instances of tax fraud include asserting false reductions; declaring personal expenditures as business expenditures. Tax fraud deceives the government out of a severe amount of money every year and is punishable by charges, fees, interest, or jail time.

How to prevent tax fraud?

Here are the simple ways you can avoid tax fraud:

1. File your returns as soon as possible:
   As early as you have all the papers, you need for your return, file it. If you dawdle, an identity thief who already has your private data can utilise the extra time to file a dishonest tax return in your name.
2. Safeguard your private identifying information:
   Scammers are striving to extort your individuality, conduct detailed tricks. They may try to get you to divulge confidential information such as your name and PAN or Aadhaar card number over the phone or email. Or they may invite you to download destructive software via email extensions. Maintain your private computers and email statements with firewalls and anti-virus software.
3. Be informed of scams:
   Tax identity thieves utilise many tricks to scam people out of the data they need to perpetrate tax fraud. They may feign to be an authority figure, such as a government agent or government officer, a family member, a corporation with whom you do enterprise or even philanthropic societies.
4. Assign a tax preparer you trust:
   It’s possibly prudent to say most tax preparers want to do right by their clients. Nonetheless, some people pose as hired tax preparers to defraud personal statement and extort taxpayers. And it’s crucial to know that some online accessible filing assistance may not be as practical as others at assisting prevent tax fraud.
5. Actively monitor your accounts
   You may be prepared to trace your tax information on the tax website, and you can complain to Alankit tax frauds for any discrepancies. You can browse to see if somebody has catalogued a tax return in your name and if so, report it. The procedure of reporting to regulate your files can take some time.

Permanent Account Number (PAN) frauds and ways to prevent them

 Permanent Account Number (PAN) and its use

Permanent Account Number or PAN is a unique ten-digit number issued by the Income Tax Department of India. A PAN enables the IT department to identify & link all transactions of the PAN holder for the purpose of tax payment, TDS/TCS, income returns, etc. Through PAN card, the information of the PAN cardholder, their transactions, investments, borrowings, and business activities can be easily retrieved by the taxation authority.

As of 2019, the Income Tax Department of India had issued 445.7 million Permanent Account Numbers. Today, a PAN is an important document required for filing income tax returns, opening a bank account, applying for insurance, etc. It is essentially used as a photo ID proof by individuals and corporations to apply for these services. However, most are unaware of the increasing pan card frauds in India.

PAN Card frauds in India

“Man earning Rs. 84,000 a year receives I-T notice to explain Rs. 134 crore deals”

“Man’s PAN card details stolen, Rs. 20 crore transactions made under false identity”

“Fake Aadhaar, PAN cards used for duping banks”

Headlines like these have become quite frequent in the news today. With the number of places we provide our PAN cards, without a second thought, identity theft has become a real cause for concern. In a world where we are increasingly dependent on online means for transactions, and availing services, protecting the physical copy of your PAN card is no longer enough.

 If you have recently received a notice from the I-T department or charged extra on your credit cards, there is a strong possibility you are a target of identity theft.

Ways scammers do identity theft

1. Phishing

A scammer can contact you via email, phone, Facebook, Instagram or text, impersonating legitimate businesses like bank, credit card company, internet service provider. They can give you a link to share your personal details to apply for their services and misuse your information.

2.   Teleselling

People often ask: is it safe to share pan card number with consultancy? The answer is NO. If anyone contacts you and asks for your credit card information to confirm your identity or complete a transaction, do not share any information. To ensure the identity of a company like Alankit, visit their website, check their reviews before sharing any details.

3.  Fake surveys

While browsing, you may be asked to share your feedback or complete a survey for discount coupons or some gratification. If they ask for personal information like PAN card, do not participate.

4.  Malware

Sometimes, cybercriminals target you with the lure of free software or download. If prompted for the same, do not download such software unless they are from a trusted site. You may download malware with such downloads that will enable hackers to track your movements and steal your personal details.

How to avoid pan card theft?

(a)Avoid opening short links that you receive via emails or SMS, that insist you to logon to their website.

(b) Install updated and genuine antivirus on your smartphones and PC.

(c) Do not share any password or financial information via SMS or email.

(d)Don’t share your birthplace, date of birth or mailing address on social media platforms.

(e)Change your passwords periodically and avoid using the same pattern or passwords for all your applications or cards or accounts.

(f) Check your bank and credit card statements regularly and report any unrecognised transactions.

(g) Mention the purpose whenever you share the xerox copy of your PAN Card within anyone.

 

To apply for a new PAN card, any pan corrections, or loss of PAN card, always use trusted agencies to help you out. Companies like Alankit that have provided PAN Card services for over 25 years, can be trusted to keep your personal information private and secure.

 

For any PAN card related query, visit - https://www.alankit.com/govt-services/pan/

 

Alankit Ltd ties up with UTI for PAN Card Services - Alankit Company News

Alankit Ltd, a market leader and eminent name in the e-governance and digital solutions industry announced their collaboration with UTI Infrastructure Technology And Services Limited, a Government Financial Services Provider Company. Alankit can now provide all the PAN card services to the citizens digitally PAN India at all its facilitation centers.

UTI Infrastructure Technology And Services Limited (UTIITSL) is a Government entity and Financial Service Providers in India, as a SEBI registered Permanent Category-1 Registrar to an Issue and Share Transfer Agent, offering R&T services to the investors of Mutual Fund AMCs, Bond/Deposit/shareholders of Corporate and Financial Institutions.

With this strategic agreement, Alankit ltd will offer hassle-free and seamless PAN Card services that include New PAN Card application, PAN Correction, Duplicate PAN, PAN card of NRIs, Lost PAN, e-PAN Cards, etc. Alankit through its PAN India network, through its Business Associates, will offer these services, making it easy for the customers.

Commenting on this agreement, Mr. Ankit Agarwal, MD Alankit Ltd. said “We are delighted to be partnered with UTI, as they are already one of the established leaders of PAN card services. Now, we can address and resolve all the PAN card related grievances digitally. Alankit has always acted as the last mile between the Government and the citizens of the country and now we would be fulfilling it by offering PAN card services. During this COVID crisis, Alankit has taken many new initiatives and launched new business processes. We remain committed to offering easy-to-use and quick solutions that would help our citizens. ”

Source of Article -> Alankit Company News