PAN Card Holders Might have to Pay Rs 10,000 if they Don't do this before June 30! Details

The government had announced earlier that if you fail to link your Permanent Account Number (PAN) to Aadhar card, the PAN card will become useless and declared “inoperative” from July. The Income Tax department had set June 30 as the deadline for linking PAN to Aadhar cards.

Those who fail to do so will become non- PAN holders and they will be charged Rs 10,000 as a penalty under Section 272B of the Income Tax Act. 

For example, if you withdraw cash above Rs 50,000 using an inoperative PAN Card you could be fined with Rs 10,000 and it will be considered as a penalty for non-compliance. 

However, on June 24, the government announced that the deadline is going to be extended till March 31 2021 especially in view of the difficulties faced by citizens to complete the process due to COVID19. 

Being a PAN card holder is vital for opening a bank account, buying shares or making cash transactions over Rs 50,000.

“To link your PAN with Aadhaar, you can go to the income tax department's e-filing portal and click on Link Aadhaar section on the left. You need to fill PAN number, Aadhaar number and name. The I-T department will validate your name, date of birth and gender against Aadhaar details after which the linking will be done,” Livemint reported.

If you are unsure whether your PAN Card is linked to Aadhar, you can check the status here-

( https://www1.incometaxindiaefiling.gov.in/eFilingGS/Services/AadhaarPreloginStatus.html )