PAN-Aadhaar Link Deadline March 31: Here’s What Will Happen After Missing The Last Date | Personal finance news
New Delhi: For PAN cardholders, the latest date to link the document to Aadhaar card is 31 March 2022. If cardholders fail to link PAN and Aadhaar cards on the latest date, they might have to face a host of penalties, including the deactivation of their PAN cards. Therefore, cardholders are advised to bind the two important documents.
Following the deactivation of the PAN card, these cardholders may face several consequences. For example, they will face issues with their Demat and ITR accounts.
Moreover, even when opening a new bank account, they may face problems. So, simply put, you will lose many services that require individuals to share their PAN card details.
However, the government allowed PAN card holders to link PAN to Aadhaar card even after the deadline. But these cardholders will have to pay an additional penalty for missing the PAN-Aadhaar binding deadline of March 31, 2022.
What are the consequences of not meeting the PAN-Aadhaar deadline?
– Your PAN card will become inactive after the deadline. You will not be able to use the card for future transactions.
– A fine of Rs 10,000 under the Income Tax Act 1961 will be imposed if you miss the deadline.
– The fine will also be collected even if you bind the documents after the deadline. However, the amount of the fine has not been set by the government. However, the fine will not exceed Rs 1,000.
– You will not be able to file your tax return (ITR) if your PAN card is deactivated. Also Read: India’s Foreign Exchange Reserves Fall by $9.64 Billion, Biggest Drop in 2 Years
– Also, you will not be able to invest in the stock market if you do not bind your PAN-Aadhaar on time. Also Read: Snapchat Launches New Feature to Let Creators Create AR Experiences for Landmarks