The last date to link Permanent Account Number (PAN) to Aadhaar card is March 31. Any failure to do so could invite punitive action from the government. According to resports, PAN cards that are not linked with AADHAAR will be declared inoperative or no longer in use from April 1. Such PAN card holders cannot carry out financial transactions wherever quoting of PAN is mandatory, such as such as opening a bank account, purchasing shares or mutual funds and transactions above Rs 50,000.
If a PAN card will is classified as inoperative, it means that the owner of the card cannot file ITR because it has not been furnished as per law. According to Section 272B of the Income Tax Act, one could also be fined Rs 10,000 for not adhering to the rule.
It may be recalled that the deadline for linking of PAN and Aadhar has been extended several times and the latest deadline ends on March 31. The previous deadline for linking PAN with Aadhaar was June 30, 2020.
The government has made it mandatory to furnish Aadhaar card while applying for a new PAN card. In case of new PAN card applicants, interlinking is done automatically at the application stage. For existing PAN cardholders, however, interlinking has to be done manually before the set deadline.
How to link your PAN with Aadhaar:
* Visit Income Tax e-filing portal incometaxindiaefiling.gov.in
* Click on 'Link Aadhaar' button on the Menu bar
* Enter required details like PAN number, Aadhaar card holder name and number
* Verify the details and enter Captcha Code
* Click on Link Aadhaar
* A pop-up message will appear. It will inform you that your Aadhaar has been successfully linked to your PAN.
Notably, the Supreme Court had in September 2018 declared Aadhaar as constitutionally valid and held that the biometric ID would remain mandatory for the filing of income tax returns and allotment of PAN cards.