A PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. People carry it in the form of a laminated plastic card.
The central government has increased the deadline for linking Aadhaar to PAN several times now. in Budget 2021, the central government had also introduced a new section of 234H in the Income Tax Act, 1961.
Under this section, it was clear that if a PAN is NOT linked with Aadhaar after the deadline date, then a fine can be levied. The last date to link your Aadhaar to your PAN is June 30, 2021.
What is PAN?
A PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. People carry it in the form of a laminated plastic card.
Where does one require PAN?
There are some situations where it is mandatory for a person to carry his/her PAN card. In this case, if the PAN becomes inoperative a person may face issues in some transactions.
- Sale or purchase of a moto vehicle or any vehicle that is not two-wheeled.
- Opening up an account with a banking company or a cooperative bank.
- For applying for a credit or debit card.
- Opening a Demat account with a depository, participant, custodian of securities, or any other person with SEBI.
- Payment in cash of amount more than Rs 50,000 to a hotel or a restaurant.
- Payment in cash of an amount exceeding Rs 50,000 in connection with travel to any foreign country.
- Payment of an amount more than Rs 50,000 to a company or an institution for acquiring debentures or bonds.
- Payment of an amount more than Rs 50,000 to the Reserve Bank of India for acquiring bonds issued by it.
- Payment in cash for an amount more than Rs 50,000 during any one day for the purchase of bank drafts, pay orders, or banker's cheques from a banking company or a co-operative bank, among others.
What are you waiting for? Hurry up and get started on the process of linking your Aadhaar to your PAN.
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