All the PAN card holders, read this carefully. The Income Tax Department has set 31 March 2021 as Aadhaar PAN Link deadline. If your PAN is not linked to your Aadhaar, then from 1 April you will not be able to do any financial transaction.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The Income Tax Department (IT Department) has stated that inoperative PAN card holders will have to face consequences under the Income Tax Act for not furnishing PAN. In other words, such PAN holders will not only be treated as non-PAN card holders but may also be fined a penalty of Rs 10,000 under Section 272B of the Income Tax Act.

For example, if you go to a bank and try to open an account or deposit/withdraw cash above Rs 50,000 you need to give your PAN card. If you give a wrong or inoperative PAN, then you could be fined Rs 10,000. Under the provisions, a penalty could be imposed for every such non-compliance.

PAN card is mandatory for several purposes like opening a bank account, buying mutual funds or shares and even making cash transactions of over Rs 50,000. However, all such inoperative PAN cards will become operative as and when the PAN card holder carries out PAN Aadhaar linking. One can do this through an SMS.

Here's how to do PAN Aadhaar linking?

For Aadhaar PAN linking through an SMS, one needs to send an SMS at 567678 or 56161. Format of the SMS is as follows:

UIDAIPAN(12digit Aadhaar number) space (10-digit PAN Number).

Means if someone has an Aadhaar Card number ABCDXXXXXXXXXX and PAN Card number ABCXXXXXXX then the format of the SMS will be "UIDAIPANABCDXXXXXXXXXX ABCXXXXXXX".