Did not link PAN-Aadhaar? 10 thousand fine may be charged!
The last date to link Pan Card to Aadhaar is 31 March 2021. Recently, the government has shared a data that there are 18 crore PAN card holders across the country, which are not linked to Aadhaar. It is mandatory to link Pan-Aadhaar link. If this is not done, the PAN card will be invalidated.
The tax department has already announced that if you have not linked both of them by the due date, then your PAN card will be deactivated. But now your difficulty can be doubled. By issuing a notification of the Department, it has been said that if the linking work is not completed by 31 March 2021, then you can also face a fine of Rs 10,000 under the severe consequences under the Income Tax Act.
PAN will not work: According to the tax department, if someone is found to be using passive or canceled PAN after March 31, 2021, then he can be fined Rs 10,000 under Section 272B of the Income Tax Act. In the notification issued on February 13, the tax department had said that by March 31, if the taxpayers do not link the PAN and Aadhaar card, then the PAN card will become inactive.
If PAN is canceled: There can be many types of problems when the PAN card is canceled. For example, you will not be able to conduct banking transactions, will not be able to buy or sell property, will not be able to invest in shares and mutual funds. That is, despite having a pan, you will not be able to do those cams where a pan is needed.
PAN-Aadhaar Linking Data: The last date for linking PAN and Aadhaar has been extended several times. At present, this deadline has been extended till March 31, 2021. After this, the scope of extending it is very less.
According to the Twitter page of My Gov India, more than 32.71 crore PAN card holders have so far linked their PAN card to Aadhaar. According to the tweet, 50.95 crore PAN cards have been distributed till 29 June. However, 18 crore PANs are yet to be linked to the 12-digit Aadhaar.
When will be fined
For the convenience of taxpayers, the tax department had given permission to use the 12-digit Aadhaar number instead of PAN, but while doing so you need to take a lot of precaution, because even if you gave the wrong Aadhaar number you will have to pay a fine of Rs 10,000. Heavy fines may have to be paid. Due to these reasons, penalty can also be imposed.
If you give the wrong Aadhaar number in lieu of PAN:
- If you fail to provide PAN or Aadhaar number in a particular transaction you will be fined.
- Just giving Aadhaar number is not enough, you will have to authenticate the biometric identity as well and if it fails you will be fined.
- It is mandatory to link Pan-Aadhaar link. If this is not done, the PAN card will be invalidated.