Although it was made essential to link your PAN to your Aadhaar card a few years ago, there are still a few people who haven’t done so. The government, on the other hand, is taking things seriously this time and wants every taxpayer in the country to link their two IDs by March 31 or suffer the penalties.
In the aftermath of the COVID outbreak, the Central Board of Direct Taxes extended the deadline in March of last year. Officials from the tax department, however, stress that this is the final extension, and that anyone who fails to comply may face consequences such as the blocking of their PAN card and a punishment of Rs 10,000.
Many key financial transactions, including as opening a bank account, mutual fund investments, filing income tax returns, applying for credit or debit cards, and even the sale or purchase of a motor vehicle, require an active PAN card. The government also has the authority to impose a Rs 10,000 penalty for mentioning the PAN.
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