New Delhi: The last date for linking your PAN and Aadhar card has been fixed by the Government of India as March 31, 2022. If you do not link these cards by the last date, you may face various penalties. The biggest thing is that your PAN card will be deactivated.
Apart from this, many more problems will have to be faced. For financial transactions like opening a new bank account, investing in the stock market, a PAN card is necessary. Also, it is mandatory to fill out your PAN card while applying for an income tax return and for interest payment.
If you do not link your PAN and Aadhaar Card, then your PAN card will not be able to be presented in any future transaction. However, you can link both the cards after the deadline by paying a penalty.
This would be the effect
- PAN card will become inactive, you will not be able to use it for further transactions.
- You can be fined Rs 10,000 under the Income Tax Act, 1961.
- If you link these two cards after the deadline, you will still have to pay a fine.
- According to a news in Economic Times, the penalty has not been decided yet. However, the report also states that the fine will not exceed Rs 1,000.
- You will not be able to file your Income Tax Return (ITR) without linking your PAN and Aadhaar card.
- You will not be able to invest in the stock market, because it is necessary to mention the PAN card while opening the demat account.
