Aadhaar-PAN Linking Deadline And Penalty Details

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The hot topic going on right now is the deadline to link your Aadhaar and PAN card. Since 2019, the Income Tax Department wanted both the documents to be linked together and has been extending the deadline for the same. Finally, the deadline for linking Aadhaar and PAN card has been set for March 31, 2021.

 

Aadhaar-PAN Linking Deadline And Penalty Details

We have already seen how to link your Aadhaar and PAN card together so that you can get it done by March 31, 2021, which is the deadline. If you fail to do so, there you will face some penalty. Here, we will detail the same.

Aadhaar-PAN Linking Fine Details

Earlier, the Narendra Modi Government announced that there will be a late fee of up to Rs 1,000 that will be imposed on those who fail to link Aadhaar card and PAN card. As per the new section, Section 234H incorporated into the Finance Bill that was presented in the Lok Sabha, those who fail to link both these documents will have to pay up to Rs. 1,000. This late fee will be excluded from other penalties that include holding an inoperative PAN card.

Already, the Income Tax Department made it clear that if you fail to link these two documents within the deadline, then your PAN card will be inoperative. The term inoperative means that individuals will not be able to make financial transactions. Notably, PAN card is very important for many purposes. For instance, it is essential to make transactions above Rs. 50,000, to create a new bank account, and to buy and sell shares. So, it is recommended that individuals link the PAN and Aadhaar cards together.

It has also been made clear that inoperative PAN cardholders will have to face consequences under the Income Tax Act. In simple terms, the inoperative PAN cardholders will be treated as non-PAN cardholders and will face a penalty of up to Rs 10,000 under the Income Tax Act Section 272B.

 

So, why wait? Link your Aadhaar and PAN right away to avoid paying the fine.

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