New Delhi: Nearly 20 crore Permanent Account Number (PAN) cards will be declared bogus after August 31, 2019, if they are not linked with the holder’s Aadhaar number.
An official of the Central Board of Direct Taxes (CBDT) said that it is not possible that 20 crore PAN card holders in India do not have an Aadhaar card. There are 43 crore PAN card holders in India and 120 crore Aadhaar holders.
Once the Income Tax Department cancels the PAN card, it cannot be used again.
The decision was made as a result of reports received by the Income Tax Department about its illegal use for making loans or getting a credit card.
Moreover, Finance Minister Nirmala Sitharaman in her Budget speech on Friday said the Government is making a proposal to make Aadhaar interchangeable with PAN.
This makes it mandatory to link the PAN with Aadhaar number, failing to which the PAN card will be invalid from September 1, 2019.