PAN Card (Permanent Account Number) is an ID card issued by the Income Tax Department in India which is an important document for the Income Tax Department.
Through this, a record of your income determined by the Income Tax Department is kept in writing. PAN card is a 10 digit unique ID which contains your name, date of birth, father’s name, photo and signature.
PAN card is required when you want to open a bank account, do bank transactions, invest in schemes, seek financial advice from a professional while investing or apply for government schemes. You can apply for PAN card either online or offline.
The government has made it mandatory to link PAN card with Aadhaar card. The last date to link PAN and Aadhaar is March 31, 2023. After this, those who did not link their PAN card with Aadhaar card, their PAN cards will be declared inactive. Along with this, the government has said that from the present time to March 31, a fee of Rs 1,000 will also have to be paid to link PAN with Aadhaar.
As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar before 31.3.2023.
From 1.04.2023, the unlinked PAN shall become inoperative.
Urgent Notice. Don’t delay, link it today! pic.twitter.com/h7T6AAeDnc
— Income Tax India (@IncomeTaxIndia) January 17, 2023
Pan card will be invalid after march
The CBDT chief said, “Several awareness campaigns have been conducted regarding linking of PAN with Aadhaar and we have also extended this deadline several times. If Aadhaar is not linked to PAN by the stipulated time, then such persons will also not be able to get tax benefits because his PAN card itself will not be valid after March.
If you do not link PAN-Aadhaar, you will have to face many problems:
The CBDT has made it clear in a circular issued last year that once the PAN card becomes inoperative, the person will have to face all the consequences as prescribed under the Income Tax Act. This includes situations like not being able to file income tax returns and not being able to process pending returns.