PAN Card New Guideline: After the reduction in repo rate, banks are reducing interest on FD. Due to this, investors will get less returns. To avoid this, you can invest in the TD savings scheme of the post office.
National Desk: Many documents related to identity and financial transactions are required in India. Among these, Aadhaar card and PAN card are considered the most important. Both these documents are demanded everywhere, from banking to income tax. But now the government has made it clear that if someone’s PAN card is not linked to Aadhaar, then it will not be valid.
Who will have to link compulsorily?
In the notification issued by the Central Board of Direct Taxes (CBDT), it has been said that those who have got PAN card made by giving Aadhaar enrollment ID before October 1, 2024, they are required to give their Aadhaar number to the Income Tax Department.
Deadline: For this, the government has fixed the last date of 31 December 2025. If someone does not get the linking done by this date, then his PAN card will be declared inactive.
What will be the loss due to PAN card being inactive?
- If your PAN card becomes inactive, you will have to face many problems:
- You will not be able to file income tax returns
- There will be problems in banking transactions
- There may be a ban on depositing or withdrawing large amounts
- Investment, loan and credit card related work may get stuck
- Therefore, it is important that you get PAN and Aadhaar linked in time.
Easy process to link PAN with Aadhaar
- If you have not yet linked your PAN with Aadhaar, then follow the steps given below:
- First of all go to the official website of Income Tax
- On the homepage of the website, you will find the option of “Link Aadhaar”, click on it
- Now enter your PAN number and Aadhaar number
- Enter the OTP received on the registered mobile number
- If all the information is correct, your PAN will be successfully linked to Aadhaar
Is there any fee charged for linking?
If you had not linked PAN with Aadhaar by June 30, 2023, then now you may have to pay a fine of Rs 1000. But if you have already paid the fine and have not yet linked, you can still complete the process.
Who are exempted?
- Some special categories are exempted from PAN-Aadhaar linking:
- Residents of Assam, Meghalaya and Jammu and Kashmir
- Citizens aged 80 years and above
- NRIs
- People who do not have Aadhaar and foreign nationals
Read also: LIC’s best scheme, you have to pay premium for 4 years and you will get a full one crore
