Link Your Aadhaar With PAN Card by Mar 31
The government of India has mandated that every Indian who has been allotted PAN as of 1 July 1, 2017, and who is eligible to obtain an Aadhaar number is required to link his PAN Card with an Aadhaar Card by 31st March 2021.
If your PAN Card is not linked to your Aadhaar card by Mar 31, then your Pan Card will become invalid and you will have to pay a penalty of Rs. 1,000. As per the Finance Bill, 2021, the Centre has introduced an amendment under which a person will be liable to pay a late fee of up to Rs 1,000 in case he/she does not link PAN card with Aadhaar card.
As per Section 139AA, it is mandatory for each person to quote the Aadhaar number in their income tax return and the application for the allotment of PAN, provided they are eligible for Aadhaar.
What if Aadhaar card is not linked to your PAN card?
If you don’t link your Aadhaar Card with your PAN card before March 31, your PAN card will become inoperative.
You will not be able to file income tax with an invalid PAN and may face a higher penalty for non-compliance.
Additionally, a person who does not furnish a PAN or give details of inoperative PAN will have to pay higher TDS or TCS, according to tax experts.
Investing in financial instruments requires a PAN Card and if the PAN is invalid you may not be able to complete KYC and invest in stocks, Mutual Funds, NPS, and so on. SEBI’s clarification on the same is awaited.
In the case of Paytm Money, the existing users whose KYC is completed may not feel the heat of the same but if any new user is trying to complete the KYC his or her PAN card is a must.
Here are simple steps to link your Aadhaar with your PAN card:
Income Tax Website
1. Visit the I-T department’s official website–incometaxindiaefiling.gov.in
2. Go to the ‘Link Aadhaar’ section mentioned on the left side of the portal.
3. Here, fill in your PAN number, Aadhaar number & name.
4.Click on the ‘Link Aadhaar’ option.
5. The I-T department will validate your details, thereafter your PAN- Aadhaar linking will be completed.