The last date to link PAN with Aadhaar is March 31, 2022. If both the documents are not linked by this date, then there will be numerous consequences faced by an individual. If the PAN is not linked with Aadhaar by March 31, then firstly your PAN will become inoperative.
Once the PAN becomes inoperative, then the individual will not be able to conduct various financial transactions such as opening of bank account, investing in shares, mutual funds etc. or wherever quoting of PAN is mandatory such as lower deduction of tax from salary, interest income etc.
If you do not link your PAN and Aadhaar card, your PAN card cannot be furnished in any further transactions. However, you can link both the cards after the deadline by paying a penalty.
What Happens If You Do Not Link Your PAN-Aadhaar Card By March 31?
- The PAN Card will become inoperative, you will not be able to use it for further transactions.
- You may be liable to a fine of Rs 10,000 under the Income Tax Act, 1961.
- If you link the two cards after the deadline, you will have to pay a penalty. According to Economic Times, the penalty has not been fixed yet. However, the report also added that the penalty cannot be more than Rs 1,000.
- You will not be able to file your Income Tax Return (ITR) without linking your PAN and Aadhaar card.
- You will not be able to invest in the share market. It is mandatory to produce your PAN card while opening a Demat account.
How to link online:
STEP2: After OTP verification, create a password by providing the PAN data. Then you’ll need to log in.
STEP3: If you already have an account, simply click here to log in.
STEP4: Visit the official website of Income Tax Department-incometax.gov.
STEP5: The option to Link Aadhaar may be found at the bottom of the page.
STEP6: When you select the option, a new page will appear.
STEP7: Enter your PAN number, Aadhaar number, and registered name now.
STEP8: Select the Aadhaar option from the drop-down menu.
STEP9: Your two numbers are now being linked by the Internal Revenue Service.
