As per the notification issued on 31st March 2021 by the Government of India, the deadline for linking PAN with the Aadhaar Card has been extended to 30th June 2021. Earlier, the deadline for linking PAN and Aadhaar Card was 31st March 2021.
However, if anyone fails to link PAN with Aadhaar Card within this time frame, his/her PAN Card will become inoperative and he/she will be liable to pay a penalty as per a new section (section 234H) inserted into the Income-tax Act, 1961. The government has not yet specified the exact amount of penalty that would be levied on not linking PAN with Aadhaar. However, the penal amount can go up to a maximum of Rs. 1,000.
It is mandatory to link PAN with Aadhaar Card for filing the Income Tax Return. Moreover, for making any transactions above Rs. 50,000 also linking of PAN with Aadhaar Card is required.
Once your PAN becomes inoperative you will not be able to conduct financial transactions. Moreover, if your PAN Card is found inoperative then you will be fined Rs. 10,000 under the Section 272B of the Income Tax.
The process for linking PAN with Aadhaar Card is quite simple and free of cost. To know in detail, click here.
