CBDT has also said if PAN and Aadhaar is not linked, taxpayers might face difficulty at various other fora like banks and other financial portals, as PAN is one of the important KYC criterion for all kinds of financial transactions
As the government has extended the deadline to link the PAN card with Aadhaar card, PAN card of those who have not done this so far will continue to be operative till June 30. However, after June 30, PAN card will become inoperative. Following this, apart from other services, people willl also not be able to get loans.
“As per ITD (income tax department) mandate, your PAN and Aadhaar should be linked before (the deadline). Not doing so will lead to temporary suspension of any new loan disbursal,” IDFC First Bank has said in a message circulated to users.
Read More: KYC Mandatory For Maintaining E-Wallets In Mutual Funds From May 1: DETAILS
Apart from this, other services that will be stopped if you fail to link PAN with Aadhaar by June 30 are:
1) The person shall not be able to file return using the inoperative PAN
2) Pending returns will not be processed
3) Pending refunds cannot be issued to inoperative PANs
4) Pending proceedings as in the case of defective returns cannot be completed once the PAN is inoperative
5) Tax will be required to be deducted at a higher rate as PAN becomes inoperative.
According to a CBDT circular, if a person’s PAN becomes inoperative, “it shall be deemed that he has not furnished, intimated or quoted that permanent account number”.
The CBDT also said if PAN and Aadhaar is not linked, taxpayers might face difficulty at various other fora like banks and other financial portals, as PAN is one of the important KYC criterion for all kinds of financial transactions.
Read More: PAN-Aadhaar Link Update: Why July 1 Is a Crucial Date For Taxpayers Now?
How To Link Your Aadhaar Card with PAN:
Via SMS
1. Type “UIDPAN < 12-digit Aadhaar number > < 10-digit PAN > “
2. Send this SMS to 56161 or 567678 using your registered mobile number.
Via Income Tax Department Portal
Step 1: Visit ‘https://www.incometax.gov.in/iec/foportal/’, the e-filing portal of the I-T department.
Step 2: Click on the ‘Link Aadhaar’ option under the ‘Quick Links’ section of the webpage.
Step 3: This will redirect you to a new page where the PAN number, Aadhaar number and other required details like your name need to be entered.
The prescribed fee was Rs 500 till June 30, 2022. However, Rs 1,000 is being charged from July 01, 2022.
