PAN-Aadhaar: If you have not linked PAN and Aadhaar, then all banks say that after September 30, 2021, your PAN will be invalid and you will not be able to do transactions.
PAN-Aadhaar Link: The date of linking PAN-Aadhaar is approaching. Meanwhile, many big banks like SBI, PNB have appealed to their customers to link PAN-Aadhaar. If you have not yet linked PAN card with Aadhaar, then hurry up. Because after this the deadline of linking PAN-Aadhaar (PAN-Aadhaar Link) will not go ahead. The bank has clearly said that it is mandatory to link PAN-Aadhaar by 30 September 2021. If you do not do this then your transaction will be stopped.
PAN will be invalid
According to the Income Tax Department, if you do not link it, then your PAN will become invalid under Section-139AA of the Income Tax Act. And in such a situation you will not even be able to file ITR online. Along with this, due to PAN being inactive, you will not be able to do any kind of money transaction.
Keep these 5 things in mind
1. It is easy to link Alphanumeric Permanent Account Number (PAN) with 12 digit Aadhaar online through e-filing portal.
2. To link both, you can also send SMS in a format to UIDPAN12digit Aadhaar> 10digitPAN> 567678 or 56161.
3. If there is any problem in the online linking of PAN-Aadhaar, then you can also do it offline from the PAN service centers of NSDL and UTITSL.
4. If you have not done PAN-Aadhaar link within the time limit, then it is likely that the Income Tax Department will declare your PAN as ‘Invalid’.
5. This means that after this you will not be able to use the PAN card for important work like ITR or opening a bank account.
6. Using an “inoperative” PAN under section 272B of the Income Tax Act 1961 can attract a fine of Rs 10,000. Take special care while filling PAN card information. Fill the 10 digit PAN number very carefully.
7. Any spelling mistake in this can send you towards heavy penalty.
8. Even if you have two PAN cards, you will have to pay a hefty fine.
9. The requirement of linking PAN with Aadhaar does not apply to NRIs. However, an NRI may require Aadhaar to perform certain financial transactions. And they are eligible to apply for it.
Useless if it is canceled
After the cancellation of the PAN card, it can be made operative again. But keep in mind that if someone used a canceled PAN card in the meantime, it would be considered a violation of section 272B under the Income Tax Act. In such a situation, the PAN holder will have to pay a fine of Rs 10000. And not only this, if the canceled PAN card is used again somewhere, then the penalty can also be increased.
