PAN Aadhaar Link: The last date for linking your PAN card with your Aadhaar number has been fixed by the Government of India to March 31, 2022. If you do not link your PAN with Aadhaar by the deadline given, you may face various penalties. The biggest hurdle that you will face is that your PAN card will be deactivated.
And this is not all. You will have to undergo many more problems because of PAN card deactivation. For financial transactions like opening a new bank account, investing in the stock market, PAN card is necessary. Also, it is mandatory to fill your PAN card details while applying for income tax return and for interest payment.
Read More:-Here’s how to link Aadhaar card with PAN card
If you do not link your PAN and Aadhaar Card, then you will not be able to use your PAN card for any future transactions. However, you can link both the cards after the deadline of March 31, 2022, but then you have to pay a heavy penalty.
Why linking PAN card with Aadhaar is important?
PAN card will become inactive, you will not be able to use it for future transactions.
You will be fined of Rs 10,000 under the Income Tax Act, 1961 if you do not link by March 31.
If you link these two cards after the March 31 deadline, you will still have to pay a fine.
Though how much will be the penalty in that case has not been decided yet.
Read More:-PAN Card Holders Could be Fined Rs 10,000 for Each Non-Compliance if They Do not Do This
However, some media report also states that the fine will not exceed Rs 1,000.
You will not be able to file your Income Tax Return (ITR) if PAN card is deactivated.
One can’t invest in the stock market, because it’s necessary to give PAN details while opening the demat account.
