PAN – AADHAAR LINK: The Government of India has set time till March 31 to link your PAN and Aadhaar. If you do not link PAN-Aadhaar by the last date, then you may have to pay a heavy fine and the PAN card will become inactive.
PAN – AADHAAR LINKING: The last date for linking your PAN and Aadhaar card (PAN-AADHAAR LINKING) has been fixed by the Government of India as March 31, 2022. If you do not link your PAN and Aadhar card by the last date, you can be charged a heavy fine.
First of all, your PAN card will be deactivated. PAN card is essential for conducting financial transactions like opening a new bank account, investing in the stock market, etc. Also, it is mandatory to quote your PAN card while applying for Income Tax Return and for interest payment.
If you do not link your PAN and Aadhar card, then your PAN card cannot be presented in any further transaction. However, you can link both the cards after the deadline by paying a penalty.
What will happen if PAN-Aadhaar card is not linked by March 31?
- PAN card will become inactive, you will not be able to use it for further transactions.
- You can be fined Rs 10,000 under the Income Tax Act, 1961.
- If you link two cards after the deadline, you will have to pay a fine.
- According to the Economic Times, the penalty has not been decided yet.
- However, the report also states that the fine cannot exceed Rs 1,000.
- You will not be able to file your Income Tax Return (ITR) without linking your PAN and Aadhaar card .
- You will not be able to invest in the stock market. It is mandatory to show your PAN card while opening a demat account.
