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The Permanent Account Number (PAN) is issued by the NSDL and UTIITSL on behalf of the Income Tax Department. It is issued to entities that carry out businesses in India to keep a track of the taxes paid by them. These entities may be individuals, companies, partnership firms, trusts, etc. Using the PAN of an entity, the Income Tax Department can find out its financial history and check whether it has paid all due taxes on time or not. It is one of the biggest and the most effective weapons of the ITD against tax evaders.
The government has made it mandatory to link PAN cards with various financial and utility instruments. Let us find out the motive of the government behind making it mandatory to link various instruments with PAN and how to do it easily in a few simple steps:
Linking PAN with Aadhaar
The government has made it mandatory to link PAN with Aadhaar. This step is taken to flush out duplicate PAN cards from the system and keep only genuine PAN cards activated. Tax evaders get multiple PAN cards issued and save income tax by quoting different PANs for different transactions. This helps them in evading the applicable tax amount. By making it mandatory to link PAN cards with Aadhaar, now only one PAN card will be linked with Aadhaar for every individual as only one PAN should be legally issued to an individual in his lifetime. The government has started deactivating duplicate PAN cards and duplicate applications. You can check PAN card application status online whether your application is approved or not.
There are four methods to link PAN with Aadhaar – online portal, direct link, through SMS and by visiting a TIN Facilitation Centre.
In order to link your PAN with Aadhaar, visit the NSDL website and login to your account. Select the link Aadhaar option from the menu. Now enter your PAN and Aadhaar details and click on the Submit button. Your PAN will be linked with your Aadhaar and you will not have to mention your Aadhaar while filing ITR.
You can also link Aadhaar with PAN by clicking on the direct link. You do not have to login to the website to link Aadhaar and PAN. Visit the Income Tax e-fling website and select the Link Aadhaar option from the Quick Links options. Enter your PAN, Aadhaar number and name as mentioned on the Aadhaar card. Enter the captcha and click on the Link Aadhaar button. Your Pan will be linked with Aadhaar and a confirmation message will be sent to your mobile number and email id.
You can also link your PAN with Aadhaar by sending an SMS in the format UIDPAN<12-digit Aadhaar> <10-digit PAN> and send the message to either 567678 or 56161. You can also visit a nearby TIN/PAN facilitation centre and submit the form to link your PAN with Aadhaar. You will have to submit a self-attested copy of PAN and Aadhaar.
Linking PAN with Bank Accounts
The government has made it mandatory to link bank accounts with PAN and Aadhaar. A number of bank accounts have been opened on forged documents to stash black money. In order to keep a track of the money in such accounts and to verify whether the money deposited in such accounts was earned through legal means, the government made it mandatory to link bank accounts with PAN. Your PAN contains your financial history. All investments and loans taken by you can be checked by the Income Tax Department through your PAN as all such transactions require you to quote your PAN.
Bank accounts not linked with Aadhaar and PAN after the end of the deadline will be frozen by the government and the account holder will not be able to access his account or carry out financial or non-financial transactions till he links the account with Aadhaar and PAN. Applicants have to provide their PAN and Aadhaar in order to open new bank accounts. In case you do not provide these two documents, your account will not be opened by the bank.
There are a number of ways through which you can link your bank account with PAN. You can do it online through internet banking, through phone banking or by visiting the bank’s branch. Here’s how to do it in few simple steps:
Linking PAN with your bank account online is the simplest way to do it. You have to login to your internet banking account using your user id and password. Now select the “Service Requests” option and click on the PAN card update option. Now enter your PAN details and click on the Submit button. You will get a confirmation message on successful PAN linking.
You can call your bank’s customer care number and follow the IVR options to connect with the representative. You can divulge your PAN details to the representative to link your bank account with PAN. Alternatively, you can visit the branch where your account is being operated and fill the form there to link your PAN with your savings account.
Linking PAN with UAN for EPF
EPFO provides a universal account number to all member employees. All PF accounts of a member are linked with this UAN. Members can register themselves on the EPF member portal to avail online services provided by the EPFO such as checking the EPF balance, downloading UAN card, claiming EPF, fund withdrawal and tracking the claim status. In case you do not link your PAN with UAN for e-KYC, you will not be able to avail a number of services online.
Linking PAN with your UAN is very simple and can be done online. Here’s how you can do it online:
- Login to your UAN account at the EPF member portal using your UAN and password
- Click on the Manage section and select the KYC option
- Select the PAN option and enter your PAN and the name as mentioned on your PAN card
- Click on the Save option
- You request will be submitted and will show under “KYC Pending for Approval”
- Once approved by the Income Tax Department, your PAN will be displayed under the “Digitally Approved KYC” section.
- Once linked, you can easily process your claims, withdraw your money partially or completely or avail any other service online.
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