The PAN card, which is necessary for making a number of financial operations, such as creating bank accounts, depositing money into them, opening Demat accounts, and buying and selling real estate, if not linked to Aadhaar, will be termed invalid.
Linking PAN with Aadhaar: The Income Tax (I-T) Department had announced that those PAN (Permanent Account Number) cards that are not linked to Aadhaar will become inoperative from April 1, 2023. The tax department has asked people to link their Aadhaar with their PAN by March 31, 2022. As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with their Aadhaar before 31 March 2023.
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Consequences of not linking your Pan with Aadhaar
- Your PAN will become inoperative
- Filing ITRs will not be possible
- Pending refund cannot be issued
- Pending proceedings, in case of deductive return cannot be completed
- Tax will be deducted at a higher rate
How to link your PAN with Aadhaar
- Visit https://www.incometax.gov.in/iec/foportal
- Under the ‘Quick Links’ section, you will find the ‘Link Aadhaar’ option, click on it.
- On the next page, enter your name, mobile number, Aadhaar number, and PAN.
- Verify the information that is provided by clicking on the ‘I validate my Aadhaar Details’ option.Click on ‘Continue’.
- You will receive an OTP on the registered mobile number. Enter the OTP and click on ‘Validate’.
- Once the penalty is paid, the process of linking the PAN and Aadhaar will be complete.
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Other methods of linking PAN with Aadhar
- Through SMS: Type the following message UIDPAN<12 digit Aadhaar><10 digit PAN>. The message can be sent to 567678 or 56161.
- Visiting nearby PAN service centres: The linking process can also be done manually by visiting the nearby PAN service centre. A form named ‘Annexure-I’ needs to be filled and submitted along with a copy of the PAN card and Aadhaar card. This will be a paid service.PA
The PAN card, which is necessary for making a number of financial operations, such as creating bank accounts, depositing money into them, opening Demat accounts, and buying and selling real estate, if not linked to Aadhaar, will be termed invalid.
