A fine of Rs.10,000 will be imposed if the PAN is not linked to Aadhaar by 31 March
If you have not yet linked your PAN number to Aadhaar, get it done as soon as possible. The Income Tax Department can impose a fine of up to Rs 10,000 on non-PAN Aadhaar link by 31 March. Earlier, the IT department had said that if a PAN cardholder does not link PAN to Aadhaar by 31 March, their PAN will be declared inactive. Now it has been said that those who do not provide the link will be fined for not keeping active PAN under the Income Tax Act.
What is the provision?
Under the rule, if your PAN has become inoperative and you use it in a bank transaction or elsewhere, then it will be deemed that you have not given the PAN under the law, in such a case you are charged under Section 272B of the Income Tax Act. A fine of Rs 10,000 may be imposed. It is mandatory to show PAN on demand under Section 139A of the Act. However, there will be no penalty for using inactive PAN for opening a bank account or for creating a driving license.
PAN number will be activated again by linking with Aadhaar
Also know that if you are withdrawing or depositing more than 50 thousand rupees from your bank account, then you will have to show PAN card. Yes, but it is a matter of relief that if your PAN has become inoperative then you do not need to apply a new PAN card. You can link your old PAN to Aadhaar. Your PAN will be valid automatically after linking.
Linking of PAN number with Aadhaar is not mandatory
Gujarat High Court had said that PAN card will not be canceled (inoperative) even if the Aadhaar is not linked to Aadhaar till the Supreme Court’s decision comes. The High Court held that the validity of the Aadhaar Act is currently under consideration in the Supreme Court. In such a situation, no decision can be taken on linking PAN and Aadhaar.
More than 30 crore people have linked PAN-Aadhaar
So far, more than 300 million people in the country have linked with PAN-Aadhaar. While giving this information in Parliament, Minister of State for Finance Anurag Singh Thakur said that 30,75,02,824 PANs have been linked to Aadhaar till 27 January 2020, while there are 17,58,03,617 PANs which are not linked to Aadhaar till 27 January 2020.
