- June 30 is the last date for linking PAN card with Aadhaar card
- The income tax department might impose a penalty of ₹10,000 for those using inoperative PANs
NEW DELHI : If your Permanent Account Number is not linked to Aadhaar card, your PAN card will turn useless from next month. The income tax department has fixed June 30 as the deadline within which all PAN cards in India must be linked to Aadhaar. All such PAN cards which are not linked to Aadhaar would be useless and declared “inoperative” after the deadline ends.
The income tax department has said that holders of inoperative PAN cards will have to face consequences under the Income Tax Act for not furnishing PAN. In other words, such PAN holders will not only be treated as non-PAN card holders but may also be fined a penalty of ₹10,000 under Section 272B of the Income Tax Act.
For example, if you go to a bank and try to open an account or deposit/withdraw cash above ₹50,000 you need to give a PAN card. If you give a wrong or inoperative PAN then you could be fined ₹10,000. Under the provisions, a penalty could be imposed for every such non-compliance.
Also Read: Time to increase allocation to mid/small cap funds, says Pankaj Tibrewal of Kotak Mutual Fund
However, all such inoperative PAN cards will turn into operative as and when the linking process is complete.
Having a PAN card is mandatory for several purposes like opening of a bank account, buying mutual funds or shares and even making cash transactions of over ₹50,000.
To link your PAN with Aadhaar, you can go to the income tax department’s e-filing portal and click on Link Aadhaar section on the left. You need to fill PAN number, Aadhaar number and name. The I-T department will validate your name, date of birth and gender against Aadhaar details after which the linking will be done.
If you are not sure whether your PAN is linked to Aadhaar, you can check the status here.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
