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PAN-Aadhaar Link: If you do not link your Aadhaar with PAN by June 30, 2023, your PAN will become inoperative.
PAN-Aadhaar Link: If PAN becomes inoperative, you will not be able to furnish, intimate or quote your PAN
PAN-Aadhaar Link: PAN Card stands for Permanent Account Number Card. It is a unique ten-digit alphanumeric identification number issued by the Indian Income Tax Department of India to individuals, companies, and other entities. It serves as a proof of identity and is mandatory for various financial transactions in India, such as opening a bank account, investing in the stock market, and filing income tax returns. It helps in monitoring and regulating financial transactions and preventing tax evasion.
The PAN Card contains details such as the individual’s name, date of birth, and photograph, along with the PAN number. It is important to keep the PAN Card safe and secure, as it is considered a sensitive document and can be misused for identity theft or financial fraud if it falls into the wrong hands.
Linking of PAN with Aadhar Number
As per section 139AA in the Income-tax Act, 1961, it is mandatory for every person, who is eligible to obtain Aadhaar, to quote his Aadhaar number while applying for PAN or furnishing return of income with effect from July 1, 2017.
If any person does not possess the Aadhaar Number but he/she has applied for the Aadhaar card then the person can quote the Enrolment ID of Aadhaar application Form in the ITR.
PAN-Aadhaar Link Last Date
The last date for linking Aadhaar with PAN is June 30, 2023.
What Will Happen If You Don’t Link Aadhaar and PAN?
If you do not link your Aadhaar with PAN by June 30, 2023, your PAN will become inoperative. This means that you will not be able to use your PAN for any financial transactions, such as filing income tax returns, opening bank accounts, or investing in securities.
If PAN becomes inoperative, you will not be able to furnish, intimate or quote your PAN and would be liable to all the consequences for such failure.
This will have a number of implications such as:
1. You will not be able to file return using the inoperative PAN
2. Pending returns will not be processed
3. Pending refunds cannot be issued to inoperative PANs
4. Pending proceedings as in the case of defective returns cannot be completed once the PAN is inoperative
5. Tax will be required to be deducted at a higher rate as PAN becomes inoperative.
In addition to the above, the taxpayer might face difficulty at banks and other financial portals, as PAN is one of the important KYC criteria for all kinds of financial transactions.
How To Link PAN With Aadhaar?
There are two ways to link your Aadhaar with PAN:
Online: You can link your Aadhaar with PAN through the Income Tax Department’s e-filing website. To do this, you will need to provide your PAN, Aadhaar number, and your date of birth.
Offline: You can also link your Aadhaar with PAN offline by visiting any of the following:
- NSDL PAN Service Centre
- UTIITSL PAN Service Centre
- Any bank branch that has a PAN enrolment facility
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