Know The Consequences of Not Linking a PAN Card with An Aadhaar Card

For the past few years, special drives are being run by the Government of India and the Income Tax Department to link the Aadhar card with the PAN card.  It is worth noting that while the Aadhar card is the biometric identity card of every person in the country, the PAN Card is a sign of the specific tax status of a particular person. The objective of the government is to streamline the tax payer database and remove the irregularities involved in tax management.  Also, the citizens also get a lot of facilities after the linking of Aadhar card and PAN card.  So let's know the important aspects related to the linking of PAN card and Aadhar card.

What is Aadhar Card?

Aadhar card is issued by the Government of India to reveal the biometric identity of every person in the country.  Through this card, a unique 12-digit number is given by the Unique Identification Authority of India.  The existence of the fact of biometric identification in the Aadhaar card reduces the chances of forgery.

What is PAN Card?

PAN card is a special indicator of the tax status of every person. PAN ie Permanent Account Number is mentioned on the PAN card, which is used for paying taxes, opening a bank account, making investments, etc.

What is The Benefit to The Government by Linking PAN Card and Aadhar Card?

The problem of forgery still exists in the country with respect to PAN cards.  Many people get two to three PAN cards made on the basis of wrong documents.  In such a situation, the government does not get accurate information about the data related to investment expenditure.  Due to which there are chances of tax evasion.  But forgery is not possible with the Aadhaar card generated on the basis of biometric identification.  One person can have only one Aadhar card.  Therefore linking Aadhar card with PAN card gives the government a strong basis for the accuracy of its surveillance system.  It also helps in curbing black money in the country's economy.  This linking has special significance for the government even in the current context of the digital economy.

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What is The Benefit to The General Public by Linking PAN Card and Aadhar Card?

Due to this linking, you can easily authenticate your income tax return including other tax payments.  This gets your work done quickly.  Through this linking, when you open a trading account, the process of KYC i.e. Know Customer gets done easily.  With the linking of Aadhar card and PAN card, you are also able to open an electronic account very easily.  Also, the benefit of this linking is also available in getting a passport.  You can get the job done in less time.  This linking also facilitates in getting gas subsidy etc.  The biggest thing is that this linking gives special help in ensuring the identity of the person.

What are The Financial Problems You May Face if Aadhaar Card and PAN Card are Not Linked?

The Government of India and the Income Tax Department have been issuing instructions to link Aadhar card with PAN card for the past several years.  The last dates have been extended several times.  Under Section 139AA of the Income Tax Act 1961, every person eligible to get Aadhaar and having PAN was directed to link Aadhaar with PAN.  Till 31st March 2022 this link was happening without any fee payment.  After that, whoever links PAN and Aadhar card between April 1 and June 30, then they will have to pay Rs 500.  Whereas from July 1, 2022 to March 31, 2023, for linking PAN card with Aadhar card, one thousand rupees will have to be done.  In the absence of linking of PAN and Aadhar card, there will be many problems in financial transactions.

1. Your PAN card will become useless if PAN is not linked with Aadhaar.  Due to which your money will be deducted more in terms of TDS or TCS.

2. You will also have to pay a fine for not linking.

3. You will not be able to make an FD of more than fifty thousand rupees.

4. You will also not be able to deposit more than 50 thousand rupees in your bank account.

5. You will not be able to issue a new debit or credit card.

6. You will neither be able to invest nor redeem it in mutual funds.

7. You may also face trouble in taking loan etc. from any financial institution.

8. You will not be able to buy any foreign currency by spending more than fifty thousand.  This will give you trouble in currency trading.

9. Along with this, there will also be many problems in the creation of electronic accounts, passports, filing income tax returns.

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Who is exempted from linking Aadhar card with PAN card?

1. Those who do not have Aadhar Number and Enrollment ID for some reason.

2. Residents of Asom, Jammu and Kashmir and Meghalaya

3. According to the Income Tax Act 1961, those who come under the category of non-resident.

4. citizens over 80 years old who are Not Citizens of India.

How to Check PAN Card and Aadhar card linking?

Link: http://www.pan.  uti itsl.com/panadharlink/forms/pan.html/panadhar

1. Enter PAN number and date of birth.

2. Enter the captcha and submit.

3. The linking status will start appearing on the next screen.

Linking of Aadhar Card and PAN Card is a mandatory fact.  Otherwise, you will have to face financial complications step by step.  Which will neither be in your interest nor in the interest of the country's economy.  The most basic requirement for carrying out economic activities in a smooth manner is the linking of Aadhar card and PAN card.  And perhaps even the identity of a responsible citizen.

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