Inactive PAN-Aadhaar link hampers financial transactions; 15 restrictions imposed by government.
PAN-Aadhaar link: If you haven't linked your PAN card with Aadhaar by the deadline, your PAN card will become inactive. This will restrict you from carrying out various financial transactions. Here are 15 money-related activities that you won't be able to do.
The government introduced the Permanent Account Number (PAN) to facilitate easy retrieval and matching of taxpayer information, including investments, loans, and business activities, to detect tax evasion. Experts highlight the importance of linking PAN with Aadhaar for many financial transactions. Without a linked PAN, you cannot perform activities such as cash transactions, buying/selling stocks, or obtaining bank loans.
These are the 15 transactions that will be affected if your PAN card is inactive:
1. Opening an account in any type of bank, from cooperative banks to private banks.
2. Unable to create credit and debit cards.
3. Inability to open a demat account for stock market investments.
4. One-time payment of Rs. 50,000 for foreign travel.
5. Payment exceeding Rs. 50,000 in a single transaction.
6. Investing more than Rs. 50,000 in mutual funds.
7. Inability to make payments exceeding Rs. 50,000 to any organization.
8. Payment of over Rs. 50,000 for purchasing bonds from the Reserve Bank of India.
9. Limitation on investing more than Rs. 5 lakh annually in fixed deposits or any bank scheme.
10. Restriction on paying more than Rs. 50,000 for bank drafts, pay orders, or checks.
11. Payment exceeding Rs. 50,000 during a financial year as a premium to a life insurance company.
12. Prohibition on share transactions above Rs. 1 lakh.
13. Tax deduction on payments made using an inactive PAN.
14. Sale or purchase of a vehicle, excluding motor vehicles or two-wheelers.
15. Purchase and sale of goods above Rs. 2 lakhs, attracting higher taxes.
It is crucial to link your PAN with Aadhaar to ensure seamless financial transactions and compliance with government regulations.
Read more: ITR: Missed PAN-Aadhaar link by June 30? Inoperative PAN can cost you Rs 6,000; here's how
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