Tuesday, 3 March 2020

Do not link the PAN with Aadhaar till 31st March, there will be a fine of Rs 10,000

If you have not yet linked your PAN (Permanent Account Number) card to Aadhaar, get it done. If you do not link the PAN with Aadhaar till 31st March, the Income Tax Department may impose a fine of Rs 10,000 on you. Earlier, according to the Income Tax Department, if a PAN card holder does not link PAN with Aadhaar by March 31, his PAN card will be declared inactive. However, the PAN will now be penalized for not keeping the PAN active under the Income Tax Act.

What is the provision

Under the rule, if your PAN becomes inactive and you use it in a bank transaction or elsewhere, it will be presumed that you have not provided a PAN under the law, in which case you may be fined Rs.10,000 under section 272B of income tax. Under section 139A of the Act, it is compulsory to show the page on demand. However, using a passive PAN to open a bank account or generate a driving license will not be penalized.

Upon linking to support the page number will be reactivated

If you withdraw or deposit more than 50 thousand rupees from a bank account then you will have to show a PAN card. But the relief is that you do not need to apply for a new PAN card if your PAN becomes inactive. You can only link your old PAN to support. Your PAN will be automatically approved after linking.

More than 30 million people have linked to PAN-support

So far more than 30 million people have linked PAN-support in the country. Informing Parliament, Minister of State for Finance, Anurag Singh Thakur, said that by January 27, 2020, more than 30 crore have been linked to PAN figures.



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