PAN-Aadhaar Link: If you have not linked PAN number with Aadhaar, then you have a chance till 31st March 2022 (PAN-Aadhaar linking last date). If you do not do this, you may have to face many problems.
The last date to link PAN number with Aadhaar is March 31. In such a situation, if you have not yet linked your PAN with Aadhaar, then get it done immediately. It is mandatory to link PAN-Aadhaar with each other. Otherwise, you may have to face many problems.
The Central Board of Direct Taxes (CBDT) is very strict regarding this linking. Not only this, if invalid PAN is used anywhere, then there is also a provision to impose fine. First of all, know what are the important things that cannot be done without PAN.
What if PAN is not linked?
1. If you have not linked your PAN-Aadhaar then PAN card will become inactive. And at the same time your KYC will also be invalid.
2. The use of invalid PAN will be a crime, for which you can be fined 1 thousand or more.
3. Even if you invest money in Mutual Fund, PAN is mandatory. If the PAN becomes invalid, then you will not be able to invest money in MF through SIP or any other way.
4. If you try to open an account in the bank or deposit / withdraw more than Rs 50,000, then PAN is necessary there too.
5. If you buy jewelery more than Rs 5 lakh, then PAN card details have to be given in the purchase. Therefore, you cannot buy jewelery with an invalid PAN card.
6. PAN card details have to be given on the purchase of a vehicle above Rs 5 lakh. So if you haven’t linked PAN with Aadhaar, then you can’t even buy a car.
Where PAN is required?
In today’s time, no important work is possible in India without PAN card. PAN card is necessary for opening a bank account, investing in MF or shares and cash transactions of more than Rs 50,000. If you have linked PAN with Aadhaar, then all such inoperative PAN cards will become operative. This linking can be done through an SMS.
How to link PAN with Aadhaar through message
Taxpayers who want to link Aadhaar number with PAN will have to send SMS to 567678 or 56161 from their registered mobile number. Its format is UIDPAN<space><12 digit aadhar card><space><10 digit PAN> then send it to 567678 or 56161.
