The last day of the financial year i.e. 31st March is very important. The deadline for many things related to finance is ending on this day. The last date for linking of Aadhaar and PAN card is also 31 March 2022.
Will the PAN card become inactive if you do not get the linking of Aadhaar and PAN done by March 31 for some reason? If this question is also running in your mind, then know its answer.
What is the answer: Those who do not link PAN with Aadhaar by March 31, 2022 will have to pay a fine ranging from Rs 500 to Rs 1,000. However, such PANs will be operational till March 2023 and taxpayers will be able to use them for filing income tax returns, getting refund and other income tax functions. However, in case of non-linking of PAN with Aadhaar, PAN will become inoperative after March 31, 2023. This means that if the linking is not done, your PAN may become inactive after one year.
As per the data, 43.34 crore PANs have been linked with Aadhaar till January 24, 2022. So far 131 crore Aadhar cards have been issued. The linking of PAN-Aadhaar will help in eliminating ‘duplicate’ PAN and prevent tax evasion.
Read this-If you do not link PAN-Aadhaar by tomorrow, you will have to pay a fine of Rs 500 to 1,000
PAN is used to open a bank account, purchase immovable property or as a proof of identity. Taxpayers who do not link PAN with Aadhaar will face many challenges.
How to link PAN with Aadhaar: First of all go to Income Tax website. Then click on Aadhar link section. Now in the next step enter your Aadhar Card Number, Pan Card Number and Name. After that click on the option of Link Aadhaar. After completing this process, your Aadhaar PAN will be linked.