Alert! PAN card holders may end up paying Rs 10,000 penalty after June 30! Do this now
PAN card holders may end up paying a hefty fee of whopping Rs 10,000, if they fail to link it with their Aadhaar cards before June 30. Yes, you read it right.
PAN card holders may end up paying a hefty fee of whopping Rs 10,000, if they fail to link it with their Aadhaar cards before June 30. Yes, you read it right. The deadline to link PAN card with Aadhaar cards is June 30, after which not only can your PAN card become inoperative but you will also end up paying a massive amount, as per Section 272B of the Income Tax Act.
The initial deadline to complete the process was March 31, 2020. However, Finance Minister Nirmala Sithraman had announced an extension till June 30, in the wake of nationwide lockdown due to coronavirus. Also, having an Aadhaar card is mandatory to get a new PAN card.
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 IT department has clearly mentioned that such PAN cardholders shall face consequences under the Income Tax Act.
WATCH OnePlus Bullets Wireless Z review
First of all, you won’t be able to use your PAN card from July 1 onward. In such 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.
However, 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. T
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.