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PAN-Aadhaar Linking: Have you linked your PAN with Aadhaar? And if not done then do it immediately otherwise your difficulties may increase. Your PAN may be inactive. The Income Tax Department has told all PAN holders that it is very important for all PAN card holders who do not come under the purview of exemption to link PAN with Aadhaar before March 31, 2023.
The Income Tax Department has tweeted that under the Income Tax Act 1961, PAN holders who do not fall under the Exempt category will have to link PAN with Aadhaar before March 31, 2023. Those PAN cards which are not linked with Aadhaar will become inactive, that is, such PANs will become invalid. The Income Tax Department tweeted that what is mandatory is very important.
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 Aadhaar before 31.3.2023.
From 1.04.2023, the unlinked PAN shall become inoperative.
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What is mandatory, is necessary. pic.twitter.com/WSvXp5YBL2
— Income Tax India (@IncomeTaxIndia) December 3, 2022
In fact, in March 2022 this year, the CBDT issued a notification informing that from April 1, 2022, it has been made necessary to link Aadhaar with PAN. Along with this, from April 1, 2022, penalty was also imposed for linking PAN with Aadhaar. Within the first three months after April 1, i.e. till June 3, 2022, a penalty of Rs 500 was imposed on linking PAN with Aadhaar and after this period, the rule of penalty of Rs 1000 was implemented.
CBDT has made it clear by its order that after March 31, 2023, the dates for linking PAN-Aadhaar Aadhaar will not be extended. Which is also becoming clear from the tweet. Anyway, the government has extended the deadline for linking PAN-Aadhaar several times. And after March 31, 2023, PAN will not be linked to Aadhaar even after paying penalty.
If you do not link PAN with Aadhaar, then you will not be able to invest in mutual funds. And neither will be able to open a bank account with a demat account. Because PAN card is now necessary for all these. If the PAN card is locked due to not linking Aadhaar card and PAN card, then you will not be able to take advantage of such a facility, in which it is mandatory to give PAN card. Therefore, if you have not linked PAN and Aadhaar card, then in any case, complete this work before March 31, 2023 by paying a penalty of Rs 1000.
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