PAN cardholders now have to link their permanent account number with Aadhaar card number by March 31 under the new government order.
If a person fails to link their PAN card to their Aadhaar before the deadline, their PAN card can be deactivated. Holders will also have to pay a fine of Rs 10,000 for linking after the deadline. Also, it would be very difficult for such a person to invest in mutual funds, stocks, opening bank accounts and other places where a PAN card is required.
PAN card or permanent account number is the most important document for any type of financial transaction. It comes with a 10 digit alphanumeric PAN number No financial transaction can be made without its use.
The PAN number helps the Income Tax Authority to keep track of all the financial transactions of an individual which may be essential for assessing the tax liability of an individual or company, it helps to reduce the possibility of tax evasion.
Further, if the person produces a PAN card, which is no longer valid, then under Section 272N of the Income-tax Act, 1961, the Assessing Officer may direct that such person should pay a fine of Rs. 10,000.
Here are the steps to link PAN with Aadhaar card:
- Search the new e-filing portal 2.0.
- Now, click on the ‘Our Services’ tab
- Select the ‘Link Aadhaar’ option
- On the new page, fill in all your details
- Fill in your PAN number, Aadhaar number, Aadhaar name and mobile number
- Now tick the “I agree to verify my Aadhaar details” box
- Enter the 6-digit OTP received on your registered mobile number
- Type OTP and click on ‘validate’
- After clicking, a pop-up message stating that your link pane has been submitted with the Aadhaar request.
Another way to link PAN with Aadhaar is via SMS. All one has to do is type UIDPAN on their phone, then enter the 12 digit Aadhaar number. Next, you need to add a 10 digit PAN number. Now send the message mentioned in step 1 to 567678 or 56161.
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