What happens if the deadline is missed ?
The income tax department has now set 31 December as the deadline for linking the PAN card to the Aadhaar card after extending the last date for the seventh time earlier. Unless the I-T department wants to extend the deadline again, the connection between the two documents is mandatory by the end of 2019.
To complete the interlinking process and also to check the status of your PAN-Aadhaar connection, you can go to the e-filing portal of the income tax department.
Read More: Closing your bank account? Do this first
If the deadline is missed, the PAN card may become "inoperative" in 2020. Last week, the income tax department issued a statement on Twitter informing taxpayers that December 31, 2019 is the last date to attach your PAN to Aadhaar.
"It's not going to make the PAN inoperative with Aadhaar on or before 31 December 2019," he said.
The term "inoperative" has not yet been established clearly. But it is possible that from 1 January 2020 all such unlinked PAN cards will no longer be considered as being in use. However, after they are connected to Aadhaar, the income tax department may allow these inoperative PAN cards to function again.
Read More: NPR can't decide who's a citizen & who's not
It is compulsory to have a PAN card for several reasons, such as opening a bank account, buying mutual funds or bonds, and even making cash transactions of more than 50,000.
The PAN-Aadhaar connection rule is also compulsory for NRIs, according to a survey. If they have taxable income in India or want to make investments in the country, having a PAN card is mandatory for NRIs.
Comments