PAN-Aadhaar Linking: The last date to link your Permanent Account Number or PAN with Aadhaar has already gone by recently. This means that your PAN may become inoperative and you might have to pay a fine to reactivate it. However, once you pay the fine and link Aadhaar-PAN, you will be able to get back the services, like opening a bank account, purchase of immovable property or proof of identity, investing in mutual funds among others.
PAN-Aadhaar Linking: What Does Latest Govt Order Say?
The latest notification issued by the Central Board of Direct Taxes, or CBDT, mentions that a person has to pay a fine of up to Rs 1,000 if Aadhaar-PAN linking is not done.
“Every person who, in accordance with the provisions of sub-section (2) of section 139AA, is required to intimate his Aadhaar number to the prescribed authority in the prescribed form and manner, fails to do so by the date referred to in the said sub-section, shall, at the time of subsequent intimation of his Aadhaar number to the prescribed authority, be liable to pay, by way of fee, an amount equal to, — (a) five hundred rupees, in a case where such intimation is made within three months from the date referred to in sub-section (2) of section 139AA; and (b) one thousand rupees, in all other cases,” states the notification dated March 30.
What to Do if PAN-Aadhar Linking Not Done Yet
The first thing you should do is link Aadhaar-PAN as soon as possible. The service has not been closed yet and not having a valid PAN might result in a number of consequences like not being able to file tax return, pending returns and refunds not being processed, tax deductions at a higher rate and many others. Further, the taxpayer might face difficulty at various other areas like banks and other financial portals, as PAN is one of the important KYC criterion for all kinds of financial transactions.
However, you should keep in mind that this is not the end. In order to save at least Rs 500, link PAN-Aadhaar within three months from now, that is, by June 30 this year.
Here is How to Link PAN-Aadhaar Online
– Go to the official portal of Income Tax at www.incometax.gov.in
– Under ‘Quick Links’ section in the left side of your computer screen, click on the ‘Link Aadhaar’ option
– A new screen will open. Enter PAN number, the Aadhaar details, your name and mobile number in the boxes given in the new screen
– After verifying the details, click on the option saying ‘I agree to validate my Aadhaar details’. Then select the ‘Continue’ option
– You will get a one-time password (OTP) on your registered mobile number. Enter this into the boxes on the screen and click on ‘Validate’. Your PAN-Aadhaar linking will be done after giving the penalty
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