PAN-Aadhaar Link: If you get PAN-Aadhaar linked on or after July 1, then you will have to pay Rs 1000 for it.
Fine for not linking PAN Card-Aadhaar Card: If you have not yet linked your Aadhar Card with PAN Card, then do this work as soon as possible. We are saying this because the last date for linking Aadhar card with PAN card with lesser penalty is 30 June 2022. If you link your PAN with Aadhaar on or before June 30, then you will have to pay a fine of Rs 500. On the other hand, if you get PAN-Aadhaar linked on or after July 1, then you will have to pay Rs 1000 for it. That means you have 7 days to do this work. After 7 days you will have to pay double the fine.
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what are the rules
According to the Central Board of Direct Taxes (CBDT), according to section 234H of the Income Tax Act, those who do not link Aadhaar-PAN by March 31, 2022, will have one more chance till March 31, 2023. However, there will be a penalty for this. A fine of Rs 500 will have to be paid from April 1 to June 30, 2022. After this, a late fee of Rs 1000 will have to be paid for PAN-Aadhaar linking till March 31, 2023. You can link PAN and Aadhaar after paying the late fee.
These disadvantages will happen if PAN is not linked with Aadhaar
If you do not link your PAN with Aadhaar number, then your PAN card may stop working. Apart from this, if the PAN card is inactive, you will not be able to invest in mutual funds, stocks, and along with this, there will also be trouble in opening a bank account. Apart from this, if you present an invalid PAN card, then you may have to pay an amount of 10 thousand rupees as penalty under section 272B of the Income Tax Act 1961.
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How to link PAN with Aadhaar
- First of all you have to log on to the official website of Income Tax India http://www.incometax.gov.in.
- Select the Link Aadhaar option under the Quick Links section. You will be redirected to a new window.
- Now enter your PAN number details, Aadhar card details, name and mobile number.
- After this select ‘I validate my Aadhaar details’ option and select ‘Continue’ option.
- You will receive a one-time password (OTP) on your registered mobile number. Fill it and click on ‘Validate’. After paying the fine, your PAN and Aadhaar will be linked.