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Link Your PAN to Aadhaar by March 31 or Pay Rs 10,000 Fine
Your PAN cards will be inoperative for not linking it with Aadhaar, and you will be fined Rs 10,000 for using an inoperative PAN card.
The Income Tax Department has set the new date as March 31, 2020, to link your PAN cards with Aadhaar. In a new notification, the tax department has said that your PAN cards will become inoperative and for using an inoperative PAN card, you could also face a fine up to Rs 10,000.
A person found using an invalid/inoperative PAN card may be fined Rs 10,000, as mentioned under Section 272B of the Income Tax Act.
"If a person fails to comply with the provisions of section 139A, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees," according to Section - 272B, Income Tax Act, 1961.
If individuals fail to link their PAN card with Aadhaar, there are various complications that individuals could face as it will become inoperative from April 1.
Individuals who fail to link PAN card with Aadhaar can use the PAN card as ID proof for non-tax purposes like opening a bank account or for a driving licence without penalty. But if any financial transactions citing inoperative PAN more than Rs 50,000 could attract a penalty.
If an individual is unable to link his/her PAN card misses the deadline, it will become inoperative from April 1. Though, it will be operative again once the individual links the PAN card with the Aadhaar card.
