Personal Finance
The government has set a deadline of March 31, 2022, for linking PAN card to Aadhaar.
Updated : Mar 19, 2022, 05:46 PM IST
PAN card or Permanent Account Number is the most essential document for all types of financial transactions. It comes with a 10 digit alphanumeric PAN number. No financial transaction can go through without the use of it.
PAN Card is also an important document helps that the Income-tax Authority in keeping a track of all financial transactions that may be essential in assessing an individual or companies tax liability, it helps in reducing the chances of tax evasion.
PAN card holders are advised to link their Permanent Account Number (PAN) with Aadhaar card number by March 31, 2022. If you do not link your PAN with Aadhaar before this deadline, then your PAN card may be deactivated.
You will also have to pay penalty for linking PAN with Aadhaar if done after the deadline. Besides, such a person will not be able to invest in mutual funds, stocks, open bank accounts and such others where it is necessary to present the PAN card.
Further, if the person produces a PAN card, which is no longer valid, then under section 272N of the Income Tax Act 1961, the Assessing Officer may direct that such person shall pay an amount of Rs 10,000 as penalty.
Follow these few simple steps to link your PAN card and Aadhaar card:
Steps for the same are
Link PAN with Aadhaar through SMS
You have to type UIDPAN on your phone. After this, enter the 12 digit Aadhaar number. Then enter the 10 digit PAN number. Now send the message mentioned in step 1 to 567678 or 56161