The Income Tax Department has fixed the deadline for linking PAN with Aadhaar by 31 March 2021. Failure to do so will make the PAN card useless unless the PAN Aadhaar linking deadline is extended. The Income Tax Department has said that PAN card holders who do not link PAN to Aadhaar will have to bear the consequences under the Income Tax Act. If the penalty is to be avoided, then link the PAN to Aadhaar before the deadline is over.
Under the Income Tax Act, the PAN card holder will not only be considered a non-PAN card holder, but he can also be fined Rs 10,000 under the Income Tax Act 272B. If you go to a bank and deposit or withdraw more than Rs 50,000 to open an account, then you need to provide your PAN card. If you give incorrect or inactive PAN, you can be fined Rs 10,000.
PAN card is mandatory here
PAN card is mandatory for several work like opening a bank account, buying mutual funds or shares, and even doing cash transactions of more than Rs 50,000. However, all such inactive PAN cards will become operational when the PAN card holder will link his PAN to Aadhaar card.
How to link PAN to Aadhaar by sending SMS:
- Type on your phone: UIDPAN, then write the 12-digit number of your Aadhaar card and then the 10-digit PAN number.
- Then send the message to 567678 or 56161.
Steps to link PAN and Aadhaar through e-filing website:
- First go to the Income Tax website.
- Enter the name, PAN number and Aadhaar number given in the Aadhaar card.
- In the Aadhaar card, tick square only when the year of birth is Mentioned.
- Now enter captcha code.
- Now click on the link Aadhaar button.