- 1000 rupees fine for not linking Aadhaar-PAN
- PAN will become inactive if Aadhaar-PAN is not linked
- 50 thousand rupees PAN mandatory for transactions over
The last date for linking Aadhaar and PAN card is continuously under discussion. From 2019, the Income Tax Department made Aadhaar and PAN linking mandatory and its deadline is being extended continuously. Now March 31, 2021 is the last date to link Aadhaar and PAN.
We have already given you information about how to link Aadhaar and PAN card. If you still Aadhar-PAN Link If you are not able to do it, then you may have to pay a penalty. Let us tell you everything about this penalty …
Aadhaar-PAN Linking Fine Details
The central government had earlier charged a late fee of Rs 1,000 for the delay in linking Aadhaar and PAN cards. According to the new section 234H (Finance Bill), which was introduced in the Lok Sabha, fines up to Rs 1000 will have to be paid if both these documents are not linked. This late fee will be different from the penalty imposed on holding an inactive PAN card.
Let us know that the Income Tax Department has already made it clear that if you fail to link both these documents till the last deadline then you will get the PAN card deactivated. That is, the user will not be able to do any kind of financial transaction. It is worth noting that PAN card is useful in many places. For example, a PAN card is mandatory to buy and sell transactions over 50000 rupees, new bank accounts and shares. Therefore, our advice is that if you have not yet linked PAN and Aadhaar, do it immediately.
Apart from this, it has already been clear that inactive PAN card holders will have to face punishment under the Income Tax Act. Simply put, inactive PAN card holders will be treated as non-PAN cardholders and will face a penalty of up to Rs 10,000 under section 272B of the Income Tax Act.