Pan-Aadhaar Link: If your PAN is not yet linked with Aadhaar, then your PAN has been deactivated. For this reason, you will not be able to do many types of financial transactions, which can affect your financial profile. The last date to link PAN with Aadhaar was June 30, 2023.
It has been made mandatory by the government to link PAN with Aadhaar. All people were required to link PAN with Aadhaar by 30 June 2023. Those whose PAN has not yet been linked with Aadhaar, their PAN has now become inactive.
In such a situation, the question is arising in the minds of many people that what will be the effect of PAN being inactive. Today in this article we are going to tell about those 10 financial transactions which you will not be able to do because of PAN being inactive.
- Now you will not be able to open a normal bank account in any bank. However, you can open a Basic Savings Account.
- One cannot open a demat account to trade in the stock market.
- You cannot pay more than Rs 50,000 on a hotel in one go.
- Can’t deposit more than Rs 50,000 in a bank account.
- Cannot buy and sell contracts of securities (other than shares) of value more than one lakh.
- Apart from this, one cannot buy shares of listed companies on inactive PAN.
- Will not be able to apply for credit and debit cards.
- Will not be able to make FDs of more than 50,000 in financial institutions. Also, you will not be able to get an FD of more than Rs 5 lakh in a year.
- If your PAN is not active, you will not be able to pay insurance premiums above Rs 50,000.
- You cannot give a check of more than Rs 50,000 to anyone.
- Refund will not be available on submission of income tax return for the financial year 2022-23.
