Register Trademark For your Business

Link your PAN with Aadhaar Card, else pay a fine of INR 10,000

PAN Aadhaar Card Linking
Dashmeet Kaur
| Updated: Mar 10, 2020 | Category: News

A lot has been circulated to link PAN and Aadhaar on television, radio, internet, newspapers and other channels. However, Income Tax Department has made it mandatory for PAN holders to link it with Aadhaar card before 31st March 2020 or they will be subject to a huge penalty of INR 10,000.

According to Section 272B of Income Tax Act “In case a person fails to comply with the provisions prescribed under Section 139A, the Assessing Officer may direct that such person shall pay, by way of penalty, a total sum of ten thousand rupees.”

Income Tax Department has affirmed that if you don’t link your Permanent Account Number with Aadhaar Card, then it will become inoperative by March 31. However, e-PAN will become operative again once linked with Aadhaar card and no penalties shall be imposed post linking.

As per statistical data, over 305.7 million PAN’s have already been linked with Aadhaar Card, but 175.8 million PAN are yet to be linked to 12-digit biometric ID (Aadhaar).

In September 2018, Supreme Court declared Aadhaar as constitutionally valid. Further, the Court held that the biometric ID would remain mandatory for the Income Tax Returns filing and allotment of PAN’s.

If people fail to link PAN card with Aadhaar before the end of March, then they can use it as ID proof for non-tax purposes such as bank account opening or driving license without any penalty being imposed. Any financial transactions are done with inoperative PAN of amount more than INR 50,000 can attract a penalty.

Government of India has said that it will avail a facility to issue instant online PAN cards on providing Aadhaar details. The Union Budget 2020-21 has also proposed to launch a system, wherein the Permanent Account Number shall be allotted online instantly based on Aadhaar which will eliminate the need of filling a detailed Application. Thus, it will streamline the process of PAN allotment.

Read, Also:Insights of Credit Score and importance to maintain it

  • 3
  •  
  •  
  •  
  •  
  •  
  •  
  •  
    3
    Shares
Dashmeet Kaur

Dashmeet Kaur is an experienced content writer, having proficiency in writing Legitimate content with comprehensive research. She also has a keen eye to detail and incorporating accurate facts.

Top rated CA Service provider

No Comments

Leave a Reply

 

Related Articles

Recent-Trends-in-International-Business-Environment
Dashmeet Kaur
| Date: Oct 17, 2019 | Category: News

What are the Recent Trends in International Business Environment?

A rapid growth in International Business Environment (IBE) is apparent over the past years. Presently, a remarkable number of goods, services, technologies, and resources have crossed the national boundaries, thus, bringing together...

Read More
GST Council meeting postponed
Khushboo Priya
| Date: Feb 23, 2019 | Category: GST, News

GST Council Meeting – Real Estate to Get Relief on GST

Finally, the real estate sectors are expected to get a sigh of relief on the GST rates. A meeting, regarding the rationalization of GST rates on real estates, which was...

Read More
Electric cars
Swarit Advisors
| Date: Dec 01, 2018 | Category: News

Upcoming Technology in India 2019- Electronic Cars 

Electric cars or E-cars are the future of the automobile in India. India announced the National Electric Mobility Mission Plan (NEMMP) 2020’ in 2013 to acknowledge the issues of National...

Read More

ARTICLES

Hi! My name is Akanksha! Let's talk.