PAN Card Holders Will Pay Rs 10,000 Penalty After June 30 If They Don’t Do This..
As per the reports, the PAN cardholders may have to pay a hefty fee of whopping Rs 10,000, if they fail to link it with their Aadhaar cards before June 30.
Why PAN To Adhaar Linking Is Mandatory?
The new deadline to link PAN cards with Aadhaar cards is June 30, after that not only can your PAN card become inoperative but you will also end up paying a massive amount, as per Section 272B of the Income Tax Act.
Initially, the deadline to complete the process was March 31, 2020.
But, Finance Minister Nirmala Sithraman had announced an extension till June 30, in the wake of nationwide lockdown due to coronavirus.
Apart from that, having an Aadhaar card is mandatory to get a new PAN card.
If these two cards are not linked, PAN cards will become ‘inoperative’, as per the current income tax laws.
As earlier, the income tax department had announced that any PAN that is not linked will be declared as “inoperative.”
What Are The Consequences?
With the latest notification, the IT department has clearly mentioned that such PAN cardholders shall face consequences under the Income Tax Act.
Firstly, you won’t be able to use your PAN card from July 1 onward.
Further, it will be assumed that you failed to furnish the document and a penalty of Rs 10,000 may apply as per Section 272B of the Income Tax Act.
But, the transactions done in the past using it will remain valid.
Moreover, when you link both the numbers after the specified deadline, your PAN should become active.
Also, if you have not yet filed your ITR, you will not be able to file it after the deadline is gone.
How To Link Your PAN Card With Aadhaar Card?
If you want to check whether your PAN card is already linked with the Aadhaar card, log on to the official website of the income tax department – incometaxindiaefiling.gov.in.
Further, to link your PAN card with your Aadhaar card, you need to click on the ‘Link Aadhaar’ option on the website.
Afterworld, you will be redirected to a new page where you need to fill all information like your PAN Card number, Aadhaar number and your name.
If there is a change in name between Aadhaar and PAN, one has to fill the name whichever is correct.
In case, you are unable to link your PAN with Aadhaar by logging in at the income tax website, you can do this through a simple SMS as well.
Simply, you just need to send an SMS on 567678 or 56161.
The format of the SMS should be –
UIDPAN<SPACE><12 digit Aadhaar><SPACE><10 digit PAN>
Please note that there is no charge being levied on the SMS sender by NSDL or UTI.
Though, you will have to pay the SMS charges being levied by the mobile operator company.