If a person does not link his Aadhaar with his PAN by March 31, 2023, a PAN would become inactive and all operations that require a PAN will be stopped.
Aadhaar-PAN card link: There are currently only a few days remaining before the deadline to link Aadhar and PAN cards expires, which is on March 31. Following March 31, 2023, the PAN card of taxpayers who do not provide their Aadhaar as required will no longer be valid, and they will be subject to all of the Act's penalties for failing to provide, notify, or cite their PAN.
Every individual who has been assigned a PAN as of July 1, 2017, and who is qualified to receive an Aadhaar number, is obliged to inform the specified authority of his Aadhaar on or before March 31, 2023, in accordance with the terms of the Income-tax Act, 1961.
(Also Read: EPFO: 8 instances when you can withdraw PF balance)
If they don’t, then their PAN will stop working and any treatments that need a PAN will be stopped. The PAN will be operational again upon intimation of the Aadhaar to the prescribed authority after payment of a prescribed fee.
Here are a few services that will be affected if Aadhaar and PAN cards are not linked:
- Opening a bank account will be impossible since these two are the most important documents to open an account.
- You won’t be able to new debit or credit cards.
- You won’t be able to travel outside the country as a PAN card is compulsory to get a passport.
- Units of mutual funds costing more than 50,000 cannot be purchased.
- Cannot buy or sell anything for more than Rs. 50,000.
- Cannot deposit more than Rs 50,000 at once or more than Rs 250,000 in a single year with banks or NBFCs.
- Pending returns cannot be processed and refunds.
- TCS/TDS will occasionally be applicable at a 30% rate.
Easy way to link PAN-Aadhaar card through SMS:
- Write a message in the UIDPAN format, which is as follows: UIDPAN (space), 12-digit Aadhaar number (space), 10-digit PAN number.
- The SMS must only be sent to the numbers 567678 or 56161 from your registered phone number.
- You will receive a confirmation message after your PAN and Aadhaar cards are linked.
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