PAN And Aadhaar Not Linked? Check What Transactions You Can Still Make – News18

The last date to link your Aadhaar and Permanent Account Number (PAN) card was June 30, and if you didn’t do it, your PAN must be inoperative. A PAN is the identity of taxpayers in India. The consequences of not linking Aadhaar and PAN might be that you will not be able to file your income tax returns or invest in bank deposits and mutual fund schemes. Though certain transactions could still be done with an inoperative PAN card, the customers will face a higher tax deduction at source (TDS) and tax collection at source (TCS).

TDS is the tax deducted at the source for the purchase of any goods or services, whereas TCS is the tax collected by the seller at the time of the sale of any specified goods to the buyer.

According to Suresh Surana, founder of RSM India (a business consulting firm), “Section 206CC allows for a higher TCS of double the stipulated rate or 5% (whichever is greater) in the case of non-furnishing of PAN or furnishing of non-operative PAN’’. Let us take a look at the transactions that can still be done with an inoperative PAN card:

You will still be liable for the interest on the bank FD. The annual interest received from FD and Recurring deposits (RD) can be up to Rs 40,000, and for senior citizens, it can be up to Rs 50,000.

Selling of immovable property, if only the sale price or stamp duty exceeds Rs 50 lakh per transaction.

You can still buy a car for more than Rs 10 lakh.

You can withdraw more than Rs 50,000 from the Employees Provident Fund (EPF).

Dividends of more than Rs 5,000 can be taken from companies and mutual funds in a financial year.

Paying brokerage or commission over Rs 15,000.

If the transaction is worth more than Rs 50 lakh, then you are allowed to sell goods or services.

Paying rent for more than Rs 50,000 is still allowed.

Payment of Rs 30,000 or more only for contract work is permissible.