SEBI has said that PAN will stop working if PAN and Aadhaar are not linked by September 30. If PAN is not there, then no transaction will be able to take place.
The central government has once again extended the last date for linking Aadhaar with PAN card. Earlier, the last date for linking PAN with Aadhaar was 30 September, which has been extended to 31 March 2022. This information has been given by the Ministry of Finance.
The Central Board of Direct Taxes (CBDT) said in a statement that keeping in view the problems being faced by various stakeholders due to the Kovid-19 pandemic, the deadline has been extended, which will ease compliance. According to the Finance Ministry, if PAN is not linked with Aadhaar by this date, then the PAN card will be declared inactive .
According to the CBDT statement, “The deadline for reporting Aadhaar number to the Income Tax Department for linking PAN with Aadhaar has been extended from September 30, 2021 to March 31, 2022.” Also, the last date for completion of penalty proceedings under the Income Tax Act has also been extended, which was earlier September 30, 2021, has now been extended to March 31, 2022.
There will be loss if you do not link –
According to the Income Tax Department, if any PAN card holders do not link PAN with Aadhaar, then their PAN will be declared inoperative. After this PAN will not be used for financial transactions. Also know that if you are withdrawing or depositing more than 50 thousand rupees from your bank account, then you have to show PAN card. In such a situation, if PAN is inactive, you will not be able to do transactions of more than 50 thousand rupees.
PAN will stop working
SEBI has said that PAN will stop working if PAN and Aadhaar are not linked by September 30. If PAN is not there, then no transaction will be able to take place. Under the rules, if your PAN has become inactive and still you use it for bank transactions or elsewhere, then it will be considered that you have not given PAN under the law.
There may be a fine –
In such a situation, you can be fined Rs 10,000 under section 272B of the Income Tax Act. It is mandatory to show PAN on demand under section 139A of the Act. However, there will be no penalty for using an inactive PAN for opening a bank account or getting a driving license.
Link like this –
- First of all you have to visit the Income Tax Department website (https://incometaxindia.gov.in).
- After that go to the important link and click on the PAN-Aadhaar link. Wherever the pop-up comes, it has to be celebrated.
- After this, a new window will open in front of you in which you will have to fill PAN, Aadhaar, your name and mobile number.
- After that, if the year of birth is in the Aadhar card, then mark it.
- Enter the captcha code and click on link aadhar card.
- In this way your PAN will be linked with Aadhaar.
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
