New Delhi: For PAN cardholders, the last date to link the document with Aadhaar Card is March 31, 2022. If cardholders fail to link PAN and Aadhaar cards by the last date, they could have to face a slew of penalties, including the deactivation of their PAN cards. That’s why cardholders are advised to link the two important documents.
Following the deactivation of the PAN card, such cardholders may face several consequences. For instance, they will have to face troubles with their Demat and ITR accounts.
Moreover, even in opening a new bank account, they may have to face troubles. So, in simple terms, you will lose out on many services that require individuals to share their PAN card details.
However, the government has allowed PAN cardholders to link the PAN with Aadhaar card even after the deadline. But such cardholders will have to pay an additional penalty for missing the PAN-Aadhaar link deadline of March 31, 2022.
What are the consequences of missing the PAN-Aadhaar deadline?
- Your PAN card will become inactive after the deadline. You won’t 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 levied even if you link the documents after the deadline. However, the amount of fine hasn’t been fixed by the government. However, the fine won’t be more than Rs 1,000.
- You won’t be able to file your Income Tax Return (ITR) if your PAN card is deactivated. Also Read: India's forex reserves dip by $9.64 billion, the biggest drop in 2 years
- Moreover, you won’t be able to invest in the stock market if you don’t link your PAN-Aadhaar by the deadline. Also Read: Snapchat launches new feature to let creators build AR experiences for landmarks
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