Welcome to GJR Tax Consultancy Services, Vijayawada:
The IT department has announced last date within which all Permanent Account Number (PAN) cards in India compulsorily be linked to Aadhaar No. The dead line to link your PAN Card with your Aadhar card is 31st March 2021. Post deadline ends all Permanent Account Number (PAN) cards that are not linked to Aadhaar would become useless and will be announced/declared 'inoperative' PAN.
Inoperative Permanent Account Number (PAN) cardholders will have to face difficulties under the Income Tax Act, 1961 for not submitting/linking/furnishing PAN, The income tax department announced. Holding a Permanent Account Number (PAN) card is compulsory for opening a bank account, cash transactions over Rs 50,000 and buying mutual funds or scripts/shares using Dmat account.
Consequences of Non-Linking of Permanent Account Number (PAN) with Aadhar as follows:
1. Inactive Permanent Account Number (PAN) Card may lead to penalty.
2. No cash deposit will made without Permanent Account Number (PAN) card.
