If you have a PAN card, then there is news of work for you. If your Permanent Account Number (PAN) is not linked to your Aadhaar Card, then your PAN card will become useless from next month. The central government had extended the time limit for linking PAN with Aadhaar several times. Until the government does not extend the deadline again, the last date for linking the documents is 31 March 2021.
All such PAN cards which are not linked to Aadhaar will become useless and inoperative after the expiry of the deadline. If your PAN is not linked to your Aadhaar, then from April 1, you will not be able to do any financial transaction.
PAN card is inactive then penalty may be imposed
If you fail to add both documents before the deadline and your PAN becomes inactive. After this, it will be assumed that your PAN is not furnished according to the law and you can be fined Rs 10,000 as per Section 272B of the Income Tax Act.
Why is PAN mandatory?
A PAN card is mandatory for many functions such as opening a bank account, buying mutual funds or shares, and even cash transactions in excess of Rs 50,000.
PAN Aadhaar card linking: How to do?
>> To link your PAN to Aadhaar, visit the e-filing portal of the Incoming Tax Department.
>> Click on the link base section on the left.
>> Fill in your PAN number, Aadhaar number and name.
>> Fill in the captcha.
>> Click on the ‘Link Aadhaar’ option and your PAN Aadhaar linking will be completed.
>> Against your Aadhaar details, IT department will validate your name, date of birth and gender, after which linking will be done.
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