Status alert for PAN-Aadhaar link! If your PAN Card or Permanent Account Number Card is not linked to your Aadhaar Card, this could result in a Rs 10,000 penalty.
Status warning for PAN-Aadhaar connection! If your PAN Card or Permanent Account Number Card is not related to your Aadhaar Card, this could result in a Rs 10,000 charge. The government has given a deadline of March 31, 2020, for linking of the PAN Card with the Aadhaar Card. Failure to do so within the given timeline could lead to a penalty.
The Department of Income Tax has already announced that if not linked to Aadhaar the Permanent Account Number will become inoperative. "Such person's permanent account number shall become inoperative for the purposes of furnishing, intimating or quoting under the Act immediately after the said date," the Ministry of Finance said in a notification.
What happens if your PAN turns inoperative? To this end, ClearTax's founder and CEO Archit Gupta has told Financial Express Online that an individual may not be able to open a bank account or sell / buy a property, making investments without PAN.
"Using a non-operative PAN is identical with not having a PAN. You may face higher TDS rates, and may be barred from financial transactions undertaken," he said.
Usually what happens is when an individual's PAN card is inoperative, it is assumed that no quoted or furnished PAN of the individual. And since this does not comply with the law, section 272B of the Income Tax Act may apply a penalty of Rs 10,000.
The government had previously extended the date several times for linking the two documents. It was originally scheduled to be completed by 31 March last year but was extended until 30 September. The date was moved the third time and extended until 31st December. The last date is only from March-end as of now.
For those unaware of how to link PAN to Aadhaar, please visit this link. Fill out the details and directly complete the link process on the e-filing website: https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/LinkAadhaarHome.html?lang=eng.
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