PAN-Aadhaar Linking: Link your PAN with Aadhaar card to save yourself from these 3 dangers
PAN-Aadhaar Linking: This is an alarm for those who have still not linked their Permanent Account Number (PAN) with their Aadhaar. People are advised to link their PAN with Aadhaar by March 31, 2020, which is the last date. Not linking PAN and Aadhaar might land you in trouble. Here are three reasons why you must link your PAN with Aadhaar card.
Link PAN with Aadhaar, save yourself from these 3 dangers:
1. If you do not link your PAN with Aadhaar by March 31, then your PAN will become inoperative. With an inoperative PAN, you will not be able to make any financial transactions wherever quoting it is mandatory. For example, you may not be able to open a bank account, sell or buy a property and make investments.
2. If your PAN becomes inoperative as a result of not linking it with Aadhaar by March 31 and you're required to furnish, intimate or quote PAN, then it shall be deemed that you have not furnished/intimated/quoted PAN card.
3. This will also hold you liable for all consequences under the Income Tax Act. You may have to pay a penalty of Rs 10,000 as per section 272B of the Income Tax Act.
Your PAN will become inoperative from April 1, 2020, till the time it is linked subsequently. Once your PAN has been linked with Aadhaar, then your PAN will become operative again from the date on which PAN has been linked with Aadhaar. It is only advisable to link your PAN and Aadhaar before the March 31 deadline to avoid cancellation of PAN card which might result in delays in further operations.
