The month of March has started and you have only 29 days left for linking PAN and Aadhaar.
The tax department had already announced that if you did not link both of them by the due date, then your PAN card will be deactivated. But now your difficulty may double. Now the department has issued a new notification saying that if the linking work is not completed by 31 March, then you can also face a fine of Rs 10,000 under the Income Tax Act for the serious consequences.
According to the tax department, if someone is found to be inactive or using canceled PAN after March 31, he can be fined Rs 10,000 under Section 272B of the Income Tax Act. In the notification issued on February 13, the tax department had said that by March 31, if the taxpayers do not link the PAN and Aadhaar card, then the PAN card will become inactive.
There can be many problems when the PAN card is canceled. For example, you will not be able to conduct banking transactions, will not be able to buy or sell property, will not be able to invest in shares and mutual funds. That is, despite having a pan, you will not be able to cam where the pan is needed.
The last date for linking PAN and Aadhaar has been extended several times. At the moment, the deadline is ending on 31 March 2020, and thereafter there is little scope to extend it further. According to the tax department, 30.75 crore PANs have been added from Aadhaar till 27 January 2020. However, 17.58 crore PANs are yet to be linked to the 12-digit Aadhaar.
For the convenience of taxpayers, the tax department had allowed the use of a 12-digit Aadhaar number in place of PAN, but while doing so you need to take a lot of precaution, because even if you gave the wrong Aadhaar number, you will get Rs 10,000. Heavy fines may have to be paid. Fines can also be imposed due to these reasons.
If you give incorrect Aadhaar number instead of PAN.
If you fail to provide PAN or Aadhaar number in a particular transaction.
Just giving Aadhaar number is not enough, you have to authenticate the biometric identity as well and if it fails you will be fined.
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