| Event | Link PAN With Aadhaar |
| Government | Indian Government |
| Organization | IT Department, India |
| Linking Method | SMS or Online |
| Official website | www.incometax.gov.in |
Link PAN With Aadhaar
In recent times, the Indian government has introduced a mandatory requirement for individuals to link their Permanent Account Number (PAN) card with their Aadhaar number. This imperative step carries substantial implications for several facets of financial dealings and adherence to tax regulations. In this all-encompassing guide, we will delve into the critical reasons behind the necessity of linking your PAN with Aadhaar and provide you with a thorough walkthrough on how to execute this linkage efficiently.
Why Link PAN Card with Aadhaar?
The linkage of your PAN card with Aadhaar is not just another bureaucratic requirement; it has significant implications for your financial well-being. Here are some key reasons why it’s essential:
- Income Tax Returns: If your Aadhaar is not linked with your PAN, your income tax return will not be processed. This can lead to delays in tax refunds and even make it impossible to file ITR online.
- Banking Transactions: To carry out banking transactions involving Rs. 50,000 or more, it is mandatory to link your PAN with Aadhaar. Failure to do so can lead to complications in your financial dealings.
- Mutual Funds and Stocks: Without a linked PAN, you won’t be able to invest in mutual funds, stocks, or open a bank account. PAN is a prerequisite for these financial activities.
The Consequences of Not Linking PAN and Aadhaar
As per the latest government directive, if you fail to link your PAN with Aadhaar before 30th June 2023, your PAN will become ‘inoperative.’ This means:
- You won’t be able to file your income tax returns online.
- Your tax refund may get stuck.
- You can’t use your PAN in any financial transaction.
- You cannot invest in mutual funds or stocks.
- You won’t be able to open a bank account.
How to Link PAN Card with Aadhaar
Linking your PAN card with Aadhaar is a straightforward process and can be done in two ways: via SMS or through the Income Tax e-filing portal.
Linking via SMS
- Type:
UIDPAN<12-digit Aadhaar><Space><10-digit PAN>on your mobile. - Send it to either 567678 or 56161.
For example: UIDPAN 123456789123 ABCDE1234E
Linking via Income Tax e-filing Website
- Go to www.incometax.gov.in.
- Scroll down and click on the “Link Aadhaar” option.
- Enter your PAN, Aadhaar number, name as specified on the Aadhaar card, and your mobile number.
- If your Aadhaar card only mentions the year of birth, select the checkbox that says, “I have only the year of birth in the Aadhaar card.”
- Check the box that says, “I agree to validate my Aadhaar details.”
- Click on the “Link Aadhar” tab.
- You will receive a 6-digit One Time Password (OTP) on your mobile. Enter this OTP on the verification page.
- Click on ‘Validate.’
Checking the Status of PAN Card and Aadhaar Link
To check if your PAN Card is successfully linked with Aadhaar:
- Visit the Income Tax Department’s official website and go to the Aadhaar Status page.
- Enter your PAN and Aadhaar number.
- Click on ‘View Link Aadhaar Status.’
- If it’s already linked, a message will confirm the successful linkage.
Important Links Link Your PAN Card with Aadhaar
| Official Website | Click Here |
| Link PAN with Aadhaar | Click Here |
| Check Linking Status | Click Here |
Penalties for Missing the Deadline
If you fail to link your PAN Card with Aadhaar by the June 30, 2023 deadline, you may face significant penalties. An inoperative PAN card can have various consequences:
- It can affect your bank account savings as the interest earned on your savings will be subjected to a higher TDS (Tax Deduction at Source) of 20% instead of the standard 10%.
- A penalty of Rs 10,000 may apply under Section 272B of the Income Tax Act.
- This could lead to complications in various financial transactions and compliance with KYC norms.
In conclusion, linking your PAN card with Aadhaar is not just a legal requirement; it’s a crucial step to ensure the smooth functioning of your financial life. Missing the deadline can have significant repercussions, so make sure to link your PAN with Aadhaar as soon as possible to avoid any inconveniences.
Table of Contents
