NPS New Order: If you have not done this work within 5 days, then you will not be able to do transactions from NPS account. Therefore, by March 31, you must do this work immediately.
If you invest in National Pension System (NPS) then you should note that if your PAN is not linked with Aadhaar then your NPS account will be treated as non-KYC compliant and linked with Permanent Account Number (PAN) and Aadhaar card Till then NPS transactions will be banned.
According to the Pension Fund Regulatory and Development Authority (PFRDA), NPS subscribers must ensure that their PAN and Aadhaar numbers are linked before March 31, 2023, so that there is no hindrance in the ongoing transactions as well as penalty can be avoided. Due to this your money can get stuck.
According to the Central Board of Direct Taxes (CBDT) circular number 7, 2022, dated March 30, 2022, if the PAN given to a person is not linked to Aadhaar by March 31, 2023, it will be deactivated. As per the provisions of the Income Tax Act of 1961, every person who has been given a PAN number has to inform the concerned authorities of his Aadhaar number so that Aadhaar and PAN can be linked.
1000 rupees penalty will have to be paid
If your PAN-Aadhaar is linked on or after July 1, 2022, then a penalty of Rs 1,000 will have to be paid. The fee paid under section 234H for late PAN-Aadhaar linking is not refundable under any circumstances. Individuals who want to link PAN-Aadhaar will have to first pay the fine and then link their PAN-Aadhaar.
Pay fine like this
- First of all go to https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp (NSDL) portal to link Aadhaar-PAN .
- Click on Proceed under Challan Number/ITNS 280 to submit the Aadhaar-PAN Linking Application. Then select Apply.
- After that choose the mode of payment through internet banking or debit card.
- Thereafter enter the PAN number, then select the assessment year and enter the address.
- Enter the captcha code and click on the proceed tab.
How to update Aadhaar in NPS account
- First of all the subscriber should login to his NPS account through https://cra-nsdl.com/CRA/ link.
- Click on the sub menu ‘Update Aadhaar/Address Details’.
- Click on ‘Update Details’ under the menu that opens.
- Select the option ‘Add/Update Aadhaar Number’.
- Enter your Aadhaar number and click on ‘Generate OTP’.
- Enter the OTP received from UIDAI on your registered mobile number.
- After entering OTP, your Aadhaar will be linked with PRAN card.
