PAN-Aadhaar Linking: The last date to link your Permanent Account Number or PAN with Aadhaar has passed recently. that means your wok may become inactive and you may have to pay a fine to reactivate it. However, once you pay the penalty and link Aadhaar-PAN, you will be able to get back services like opening a bank account, purchase of immovable property or proof of identity, investing in mutual funds .
PAN-Aadhaar linking: What does the latest government order say?
The latest notification issued by the Central Board of Direct Taxes, or CBDT, mentions that a person will have to pay a fine of up to Rs 1,000 if he Aadhaar-PAN linking is not done.
“Every person who, in accordance with the provisions of sub-section (2) of section 139AA, is required to intimate his Aadhaar number to the prescribed authority in the prescribed form and manner, fails to do so by the date specified in the said sub-section. Section, at the time of subsequent notice Aadhaar number The prescribed authority shall be liable to pay, by way of fee,— (a) five hundred rupees, in a case where such intimation is made within three months from the date referred to in sub-section (2) of section 139AA Of; and (b) one thousand rupees, in all other cases,” the notification dated March 30 said.
What to do if PAN-Aadhaar linking is not done yet
The first thing you should do is to link Aadhaar-PAN at the earliest. The service is not closed yet and not having a valid PAN can result in many consequences like not being able to file tax returns, pending returns and refunds not being processed, tax deduction at higher rate and many more. Apart from this, the taxpayer may face difficulty in many other areas like banks and other financial portals, as PAN is one of the important KYC criteria for all types of financial transactions.
However, you must keep in mind that this is not the end. To save at least Rs 500, get PAN-Aadhaar linked within three months from now i.e. by June 30 this year.
Here’s how to link PAN-Aadhaar online
– Visit the official portal of Income Tax www.incometax.gov.in
Click on ‘Link Aadhaar’ option under ‘Quick Links’ section on the left side of your computer screen
– A new screen will open. In the new screen enter PAN number, Aadhar details, your name and mobile number in the given boxes
After verifying the details, click on the option ‘I agree to validate my Aadhaar details’. Then select ‘Continue’ option
You will get One Time Password (OTP) on your registered mobile number. Enter it in the box on the screen and click ‘Validate’. Your PAN-Aadhaar link will be done after paying the penalty
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