Govt mandates linking PAN to Aadhaar or facing penalty of Rs.10,000
PAN-Aadhaar Link Last Date: PAN cardholders now need to link their Permanent Account Number with Aadhaar card number by March 31 under a new government mandate.
If a person fails to link their PAN card to their Aadhaar before the deadline then their PAN cards can be deactivated. Holders will also have to pay a penalty of Rs 10,000 if the linking is done after the deadline. Besides, it will be very difficult for such a person to invest in mutual funds, stocks, open bank accounts and others where a PAN card is necessary.
PAN card or Permanent Account Number is the most essential document for when it comes to any type of financial transaction. It comes with a 10 digit alphanumeric PAN number. No financial transaction can go through without the use of it.
PAN number also helps the Income-tax Authority in keeping a track of all financial transactions of a person that may be essential in assessing an individual or company’s tax liability, it helps in reducing the chances of tax evasion.
Further, if the person produces a PAN card, which is no longer valid, then under section 272N of the Income Tax Act 1961, the Assessing Officer may direct that such person shall pay an amount of Rs 10,000 as a penalty.
Here are the steps to link PAN to Adhaar card:
- Search for the new e-filing portal 2.0.
- Now, click on the ‘Our Services’ tab
- Select the ‘Link Aadhaar’ option
- On the new page, fill in all your details
- Fill your PAN number, Aadhaar Number, Name as per Aadhaar and Mobile Number
- Now tick on the box “I agree to validate my Aadhaar details”
- Enter the 6-digit OTP that you received on your registered mobile number
- Enter the OTP and click on ‘Validate’
- After clicking, a pop-up message stating that your link PAN with the Aadhaar request has been submitted.
Another way to link PAN to Adhaar is via SMS. One just needs to type UIDPAN on their phone, then enter the 12 digit Aadhaar number. Following this, the 10 digit PAN number needs to be added. Now send the message mentioned in step 1 to 567678 or 56161.
ALSO READ | Easy tips to protect Mutual Funds portfolio in volatile and downturn market
ALSO READ | Want to pay later? Choose from these new-age cards
Latest Business News
