The Income Tax department of India has issued a final warning for PAN (Permanent Account Number) holders to link their numbers with an Aadhaar card. As per the latest public advisory, the PAN of people who have not linked it with Aadhaar will become inoperative after March 31, 2023. Once the deadline is passed, PAM holders will be unable to use their 10 digit unique alpha-numeric number, and financial transactions linked to their PAN card will be stopped. Moreover, all the income tax pending returns will also e stopped from processing.
One thing to keep in mind here is that there are multiple residents who are exempted from PAN Aadhaar linking. These include the people residing in the states of Assam, Meghalaya, Jammu and Kashmir, who are non-residents as per the Income-tax Act 1961, people of age eighty years or more at any time during the previous year, not a citizen of India. The last date to link PAN and Aadhaar cards has been extended by The Central Board of Direct Taxes (CBDT) up to March 31 2023. Nonetheless, people are supposed to pay a fee of Rs 1,000 to kickstart the linking process.
Importance of the PAN card
A PAN card is basically a ten digit alpha-numeric combination that is required to kickstart all financial transactions. The PAN identity is used by the Income Tax department to keep a check on the inflow and outflow of an individual’s income. PAN cards are also necessary for doing transactions that are more than Rs 50,000 in value.
How to link PAN with Aadhaar?
You can simply link your PAN-Aadhaar online or by sending an SMS to either 567678 or 56161 from the registered phone number. Not only this, you can link both cards by visiting the official website of the income tax portal along with paying the late fee. Follow the below-mentioned steps to do the same:
- Visit the official website of the income tax department of India
- Now head to the quick links section, scroll and click on the ‘Link Aadhaar’ option.
- Enter your name, mobile number, Aadhaar number, and PAN number.
- Verify the same by clicking on ‘I validate my Aadhaar Details’ option.
- Click on continue.
- After this, you will be supposed to enter the OTP you received on the registered phone number to validate.
- Once you have paid the penalty, your PAN will be linked with your Aadhaar number.
