PAN and Aadhar both are essential identity proof to be a citizen of India. PAN card is a unique identity for taxpayers. Aadhar and PAN both are equally important. The SEBI (Securities and Exchange Board of India) gives permission for linking both Aadhar and PAN. And if both the cards are not linked then individual will not be able to start any financial market like BSE and NSE.
As per the rules specified by the Income tax department by tweet, linking your Aadhar with your PAN Card is mandatory by the IT Act 1961. Previously the deadline to link the PAN Card with Aadhar Card was 31st March 2023. After this, your PAN will get inactivated.
Extended Last date with the fine charges
On the first instance, the Income Tax Department issued the circular that 31st March 2023 will be the last date without fine. Now the date gets extended till 30th June 2023 with the late fine charges of RS 1000.
Know The Barriers if PAN is not link with Aadhar.
- PAN card will be inactive if not linked with Aadhar.
- The taxpayers could not be able to file ITR, and they will not get tax refunds, further unable to approach financial services.
- PAN is mandatory to proceed for subsidies, accessing passports, and other government benefits.
- Tax deduction Source (TDS) appropriately increased with higher rates.
- Individuals will not be able to open a bank account, and unable to apply for credit cards.
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How to link PAN with Aadhar.
For linking PAN with Aadhar follow the steps below:-
- Visit the official website for Income Tax e-filling portal. https://eportal.incometax.gov.in/iec/foservices/#/login
- Click on the option (Link Aadhar) which is below the Quick links heading.
- Enter both Aadhar and Pan card numbers
- Now click on the validation button
- Verify your details after the pop-up messages appear. After which the penalty payments get verified (If linking after 31st March). Press the continue button for submitting the request.
- Submit the details required, then click the button shown “Link Aadhar”.
- Now enter OTP (one-time password).After this the request submit automatically.
