The government has given time till 31 March 2021 to link PAN with Aadhaar. If you do not link your Aadhaar with PAN till the last date given by the government, then you will have to pay a fine of Rs 1,000. This is due to the section 234H added to the Income Tax Act 1961, which has been passed by the government under Finance Bill 2021 passed in the Lok Sabha on 23 March.
According to the new section added by the government, a maximum penalty of Rs 1,000 will be levied for not linking PAN with Aadhaar till the last date. At present, the last date for linking Aadhaar with PAN is the last date of the current financial year i.e. March 31, 2021.
PAN will be disabled
If a person does not link his PAN to Aadhaar by the last date, then his PAN will become inactive. That is, PAN will not be used in financial transactions after the due date. That is, wherever the PAN is needed, it will not be used. This will affect all types of banking transactions, mutual funds, opening of demat accounts, opening of new bank accounts. You will not be able to do all these things without a pan
No longer expected to extend the date
Tax experts say that now the date of linking of PAN with Aadhaar is not expected to be extended as the budget proposals will come into effect from April 1, 2021. In such a situation, the time limit is unlikely to increase. If you do not link PAN to Aadhaar by 31 March 2021, you will be liable to pay the penalty. You may have to pay a maximum fine of Rs 1,000.
Check status here
First of all, visit the official website of the Income Tax Department www.incometaxindiaefiling.gov.in.
– Click on the option of ‘Link Aadhaar’ on the left.
– Click on ‘Click here’ to see your status.
– Fill the details of PAN and Aadhaar on a new window. Check your status
– If Aadhaar and PAN are not linked, get them done immediately.