If the PAN card is not connected to Aadhaar, an individual will be unable to invest in mutual funds, stocks, or create a bank account, among other things, because providing a PAN card is required in all of those circumstances.
By March 31, 2022, Indians must link their Permanent Account Number (PAN) to their Aadhaar card
By March 31, 2022, Indians should litheir Permanent Account Number (PAN) to their Aadhaar card. If this is not done by the deadline, the PAN card may become invalid, and a charge of 1,000 may be required to link the PAN card with Aadhaar in the future,.
Previously, there was no punishment provision in the Aadhaar-PAN linking laws. Failure to link the two IDs, according to the new rule, will render the PAN invalid, making it impossible to conduct financial operations that require PAN information. Filing a tax return and opening a bank account are examples of these tasks. Also, if the person fails to quote PAN as and when required, a penalty of ten thousand rupees will be imposed under section 272B of the Income Tax Act," according to Amit Gupta, the Managing Director of SAG Infotech, a SEBI-registered income tax solution provider company.
How to link your PAN with your Aadhaar card:
- Go to www.incometax.gov.in and fill out the form.
- On the homepage, click on the 'Our Services' option.
- Fill in your personal information, such as your PAN card and Aadhaar numbers, as well as your name, address, and phone number.
- If necessary, check the option "I only have my year of birth on my Aadhaar card."
- Check the box next to "I accept to have my Aadhaar details validated." Continue by pressing the enter key.
- Your registered phone number will receive a six-digit One Time Password (OTP). On the verification page, enter the OTP.
- On the screen, select the 'Validate' option.