Winning Bizness Desk
Mumbai. If you have not yet linked your PAN card with Aadhaar, get it done soon. If you do not do this after March 31, 2023, your PAN will become active. The deadline for linking PAN and Aadhaar card has passed on several occasions and this time the Income Tax Department is not in favor of extending it. It constantly asks PAN card holders to link their PAN with their Aadhaar for this very reason.
Late fee of Rs 1000 for linking PAN
The Central Board of Direct Taxes (CBDT) is charging a late fee of Rs 1000 for linking PAN with Aadhaar from June 30, 2022 onwards. The Income Tax Department said, as per the Income Tax Act, 1961, the last date for linking PAN with Aadhaar, for all PAN holders who do not fall in the exempted category, is 31.3.2023. If PAN is not linked with Aadhaar, PAN will become inactive. If the PAN card is inactive, such people will not be allowed to open mutual funds or stock accounts. Apart from this, if you use this PAN card as a document anywhere, there may be heavy fines. Under Section 272B of the Income Tax Act 1961, you can be fined up to Rs 10,000.
Problems if PAN is inactive
Gold worth more than Rs 5 lakh cannot be bought if the PAN card is inactive. There will be no more than 50 thousand deposits and withdrawals in banks. Tax return will not be filed. Will not be able to invest in mutual funds or financial schemes. There will also be problems in taking advantage of government schemes.