PAN Card Inoperative: The last date to link PAN with Aadhaar was June 30, 2023. If you have not linked your PAN with Aadhaar by this date, your PAN number would have become inoperative. This means that you will not be able to use your PAN for any financial transactions, such as filing your income tax returns, opening a bank account, or buying a property.
There is no further extension of the PAN-Aadhaar linking deadline. However, you can still link your PAN with Aadhaar after the deadline, but you will have to pay a penalty of Rs. 1,000.
Also Read: PAN Card Correction Online: Here’s How To Update Details On Your PAN
The PAN Card contains details such as the individual’s name, date of birth, and photograph, along with the PAN number. It is important to keep the PAN Card safe and secure, as it is considered a sensitive document and can be misused for identity theft or financial fraud if it falls into the wrong hands.
If PAN becomes inoperative, you will not be able to furnish, intimate or quote your PAN and would be liable to all the consequences for such failure.
If your PAN number is not active;
- You will not be able to file return using the inoperative PAN
- Pending returns will not be processed and pending refunds cannot be issued to inoperative PANs. Pending proceedings as in the case of defective returns cannot be completed once the PAN is inoperative
- You won’t be able to open a regular bank account, except for certain types like time deposits and basic savings bank deposit accounts and ypu will not be able to apply for a credit or debit card. Depositing cash exceeding Rs. 50,000 in a day with banks or co-operative banks will also be restricted.
- Opening a demat account is not possible with an inactive PAN. Also, if you want to invest in mutual funds and the payment exceeds Rs. 50,000, it cannot be done without an active PAN. Also, acquiring debentures or bonds issued by companies or institutions will require payments below Rs. 50,000 if your PAN is inactive.
- Engaging in a contract for the sale or purchase of securities (other than shares) for an amount exceeding Rs. 1 lakh per transaction will be restricted. Engaging in the sale or purchase of shares of an unlisted company for an amount exceeding Rs. 1 lakh per transaction will not be allowed without an active PAN.
- You cannot make cash payments exceeding Rs. 50,000 to hotels or restaurants at one time. Making cash payments exceeding Rs. 50,000 for foreign travel or purchasing foreign currency at one time will be off-limits.
- Making payments exceeding Rs. 50,000 in a financial year for one or more prepaid payment instruments, such as mobile wallets, will not be possible.
- Purchasing bonds issued by the Reserve Bank of India will not be possible if the payment exceeds Rs. 50,000 and your PAN is inactive.
- If you need to purchase bank drafts, pay orders or banker’s cheques from banks or co-operative banks, cash payments exceeding Rs. 50,000 in a day won’t be allowed. Also, opening a time deposit exceeding Rs. 50,000 or aggregating to more than Rs. 5 lakh during a financial year with banks, post offices, Nidhis, or NBCs will be prohibited.
- Paying life insurance premiums exceeding Rs. 50,000 in a financial year to an insurer will require an active PAN.
Here are the steps on how to link your PAN with Aadhaar online:
- Go to the official website of the Income Tax Department.
- Click on the “Link Aadhaar” option.
- Enter your PAN and Aadhaar number.
- Verify your details.
- Click on the “Link Aadhaar” button.
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