The last date to link your PAN card with your Aadhaar card is March 31, 2022, by the government of India. If you don’t link these cards by this date, you might face several penalties which include your PAN card becoming inoperative.
PAN Card is important for several financial situations in our country like opening a new bank account, investing in stocks, claiming tax returns etc. If you don’t link your PAN card and Aadhaar card, you won’t be able to use your PAN card for all the above processes. In case you miss the deadline, you have to pay a penalty.
What happens if you don’t link your PAN card with your Aadhaar Card?
- Your PAN card will become inoperative.
- You may have to pay a fine of Rs 10,000 under the Income Tax Act 1961.
- If you link the cards after the deadline you have to pay a penalty. According to Economic Times, the penalty amount is not yet fixed; the reports also added that the amount can be more than Rs 1,000.
- You won’t be able to file for Income Tax Return if your PAN card becomes inoperative.
- You won’t be able to invest in the share market as it is mandatory to produce your PAN card while opening a Demat account.
If you have applied for your PAN card with the help of your Aadhaar Card then you don’t have to worry about linking it as the details are already taken from your Aadhaar Card. Nowadays when you apply for a PAN card, it asks for details about your Aadhaar Card.
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