PAN card or Permanent Account Number is the most essential document for all types of financial transactions. It comes with a 10-digit alphanumeric PAN number. No financial transaction can go through without the use of it.
PAN Card is also an important document helps that the Income-tax Authority in keeping a track of all financial transactions that may be essential in assessing an individual or companies tax liability, it helps in reducing the chances of tax evasion.
Read More: Can I Open A Demat Account Without A Pan Card?
PAN card holders are advised to link their Permanent Account Number (PAN) with Aadhaar card number by June 30 to avoid paying Rs 1,000 penalty to the government.
The deadline has been extended by the Central Board of Direct taxes, or CBDT to link PAN-Aadhaar to March 31, 2023, but those who are yet to link will have to pay a fine of Rs 500.
Under the provisions of the Income Tax Act, 1961, it is mandatory to link PAN and Aadhaar on or before March 31, 2022.
According to the CBDT circular dated March 30, 2022, “Further, rule 114AAA of the Income-tax Rules provides that if PAN of a person has become inoperative, he will not be able to furnish, intimate or quote his PAN and shall be liable to all the consequences under the Act for such failure.”
Read More: How to check Aadhaar enrolment status online
To check if you have already linked your PAN with your Aadhaar card then you can follow the below-mentioned steps to know the status.
– Visit incometaxindiaefiling.gov.in/aadhaarstatus
– Enter PAN and Aadhaar Number
– Click on ‘View Link Aadhaar Status’
– The status of the linking will be displayed in the next screen
