PAN-Aadhaar linking not done yet? Get ready to pay a double penalty from today2 min read . Updated: 01 Jul 2022, 10:29 AM IST
- PAN card-Aadhaar linking: If someone does not link the PAN card with the Aadhaar card, then their PAN card becomes inoperative. The problem of the PAN card holder won't end here only as the individual won't be able to invest in mutual funds, stocks, open a bank account, etc
Pan cardholders will now have to pay a ₹1,000 fine for not linking the PAN with their Aadhaar card. Prior to this, the penalty was ₹500. As per the newly inserted Section 234H of Income Tax Act (in March 2021 via Finance Bill), non-linking of PAN with Aadhaar would attract a penalty of up to ₹1,000, but such PAN cards will remain functional for one more year till March 2023 for filing ITR, claiming refunds and other I-T procedures. One can link PAN and Aadhaar after paying the late fee.
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