How to link PAN with Aadhar?
How to link PAN with Aadhar?
Have you linked Permanent Account Number(PAN) with Aadhaar?
Otherwise complete the task immediately. As per the Income Tax Act, 1961, every
person who has obtained PAB has to complete the linking of the same with his
Unique Identification Number (Aadhaar) by the 31st of March 2023.
A penalty of Rs. 1000 has to be paid for this. The Central
Board of Direct Taxes(CBDT) has already issued several warnings that PAN, which
is not linked with Aadhar will not work from 2023, April 1st. It is
not possible to transact as per rules with invalid PAN. Bank accounts and demat
accounts cannot be opened. Regulations also prevent you from investing in
mutual funds. They will also be liable for legal proceedings under the Income
Tax Act, 1961. It is not possible to invest in shares even if you already ha a
demat account. Where the tax deduction at source (TDS) has to be imposed, a
higher amount of tax has to be paid.
PAN is the key identity for all transactions in the
securities market. Therefore, it must be valid. Market regulator Sebi has
already issues suitable instructions to investors in this regard. “If there is
no PAN-Aadhaar linkage, it will be deemed that the KYC norms are not being
followed, which may result in restriction on investment transactions.” It said.
It is clear that investment transactions can be done smoothly only if these two
are combined.
How to link PAN and Aadhar:
If you go to the income tax website www.incometax.gov.in and click on “Link Aadhar”,
you can complete the Aadhar-PAN linkage by mentioning PAN, Aadhaar number, name as per Aadhaar and mobile number. As mentioned earlier, a penalty of Rs 1,000 will have to be paid for this. Only then will the connection between the two be established.
If there are two PAN’s:
Some people take PAN cards for any reason. Only one of them has to be linked with Aadhaar. So, you have to be careful in this regard. You will have to link Aadhaar with pan that you have already used for bank account, demat account and other transactions.
If the details in Aadhaar and PAN are not the same:
In this case, the two can not be linked. In this case, check if there is a mistake in Aadhaar or if there is any mistake in the PAN. Most of these errors are in the name and date of birth details. So, the linking will be complete only after these are edited. Whether your PAN-Aadhaar is matched or not can be checked through the “Link Aadhaar Status” on the Income Tax portal. Even if it’s already done, It is best to check once.
No comments