PAN card holder should do this important work immediately! Otherwise, a fine of ₹ 10,000 may be imposed and your PAN will be useless

If you have a PAN card, then this news is very important for you and you should pay attention to it immediately. The Government of India has made a very important work compulsory for all PAN card holders: linking your PAN card with your Aadhaar Card. The last date for doing this work was extended repeatedly, but now any lapse may have to suffer serious consequences.

What will happen when the deadline misses?

If you have not yet linked your PAN card to Aadhaar, you may have to pay a heavy fine of up to ₹ 10,000. Not only this, your PAN card will be declared “inactive” by the Income Tax Department, which means that you will not be able to use it for any financial work.

PAN card being inactive serious consequences:

Your financial activities will be severely affected by the PAN card being inactive:

• Income tax returns (ITRs) will not be able to file: You will not be able to file your income tax return, which can cause major problems in the future.

• Problem in opening bank account: You will not be able to open a new bank account nor will you be able to transact more than ₹ 50,000 from your current bank account.

• Investment blockage: You will not be able to invest in stock market, mutual funds or any financial instrument, such as fixed deposits (FD).

  
  

• No benefit of government schemes: PAN card is also mandatory to take advantage of many government schemes, and your passive pan can deprive you.

• Other financial transactions: You will have trouble in any major financial transactions, such as purchasing property or payment of large amounts.

What was the provision of fine so far?

Under Section 272B of the Income Tax Act, 1961 (Income Tax Act, 1961), a fine can be imposed from ₹ 1,000 to ₹ 10,000 for not linking PAN to Aadhaar. Initially, a fine of ₹ 1,000 was imposed, then it increased to ₹ 5,000, and has now reached ₹ 10,000. If you do not link even after the fine, the pan will become inactive.

How to check the status and link of your PAN-Aadhaar linking?

1. On income tax website: Income tax department’s official e-filing website (www.incometax.gov.in) Go to the ‘Link Aadhaar Status’ option and click on the option. Here you can see the status by entering your PAN and Aadhaar number. If there is no link, you can complete the process by clicking on the ‘Link Aadhaar option’.

2. By SMS: You can also get this information by sending an SMS from your registered mobile number.