PAN cards are required for a range of financial operations such as creating bank accounts, depositing money into them, opening Demat accounts, and buying and selling real estate, and will be considered invalid if not associated with Aadhaar.
Link PAN with Aadhaar: The Income Tax (IT) Department has announced that those PAN (Permanent Account Number) cards not linked with Aadhaar will be invalidated from 1 April 2023. The tax department has asked people to link their Aadhaar with their PAN by March 31, 2022. Under the Income Tax Act, 1961, all PAN holders who do not fall under the exempt categories have to link their Aadhaar by March 31, 2023. Their PAN is linked to their Aadhaar.
Consequences of not linking your Pan with Aadhaar
- Your PAN will be invalid
- Unable to submit ITR
- Unable to issue pending refund
- Pending procedures, such as the refund of the deduction cannot be completed
- Taxes will be deducted at a higher rate
How to link your PAN with Aadhaar
- Visit https://www.incometax.gov.in/iec/foportal
- Under the “Quick Links” section, you will find the “Link Aadhaar” option, click on it.
- On the next page, enter your Name, Mobile Number, Aadhaar Number and PAN.
- Verify the information provided by clicking on the ‘I verify my Aadhaar details’ option.
Click Continue. - You will receive an OTP on your registered mobile number. Enter the OTP and click Validate.
- After paying the fine, the process of connecting PAN and Aadhaar will be completed.
Other ways to link PAN with Aadhar
- Via SMS: Type the following message UIDPAN<12 digit Aadhaar><10 digit PAN>. Messages can be sent to 567678 or 56161.
- Visit Nearby PAN Service Center: The linking process can also be done manually by visiting a nearby PAN Service Center. A form called “Annexure-I” is required to be completed and submitted along with a copy of the PAN card and Aadhaar card. This will be a paid service. PA
PAN cards are required for a range of financial operations such as creating bank accounts, depositing money into them, opening Demat accounts, and buying and selling real estate, and will be considered invalid if not associated with Aadhaar.