Alert! Haven’t linked PAN card with Aadhaar card yet? Be ready to face these consequences after June 30
Are you one of those who are yet to link their PAN card with Aadhaar card? Well, you could be in a lot of trouble after June 30.
Are you one of those who are yet to link their PAN card with Aadhaar card? Well, you could be in a lot of trouble after June 30. The government had extended the deadline to link the two documents from March 30 to June 30, 2020. But, if you fail to do so, there could be multiple consequences.
As per the current income tax laws, if the two cards are not linked, PAN card will become 'inoperative'. The income tax department had earlier announced that any PAN that is not linked will be declared as "inoperative." Now, in its latest notification, the I-T department has clearly mentioned that such PAN cardholders shall face consequences under the Income Tax Act.
First of all, you won’t be able to use your PAN card from July 1 onward. Remember, having an Aadhaar card is mandatory to get a new PAN card. In such a case, it will be assumed that you failed to furnish the document and a penalty of Rs 10,000 may apply as per Section 272B of the Income Tax Act.
WATCH Zee Business TV LIVE Streaming Online
What comes as a relief though is that the transactions done in the past using it will remain valid. Once you link both the numbers after the specified deadline, your PAN should become active. In case you have not yet filed your ITR, you will not be able to file it after the deadline is gone.
How to link Aadhaar card with PAN card -
To check whether your PAN card is already linked with the Aadhaar card, log on to the official website of the income tax department - incometaxindiaefiling.gov.in.
To link the two, you need to click on 'Link Aadhaar' option on the website. You will be redirected to a new page where you need to fill all information like your PAN Card number, Aadhaar number and your name. In the case of a change in name between Aadhaar and PAN, one has to fill the name whichever is correct.
If you are unable to link your PAN with Aadhaar by logging in at the income tax website, you can do this through a simple SMS as well. You just need to send SMS on 567678 or 56161. Format of the SMS is UIDPAN<SPACE><12 digit Aadhaar><SPACE><10 digit PAN>. There is no charge being levied on the SMS sender by NSDL or UTI.
However, you will have to pay the SMS charges being levied by the mobile operator company.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.