As per the immediate instructions from the IT Dept, if you still have not linked your Adhaar with PAN, you will be fined Rs 10,000 as penalty and the deadline is March 31, 2022 . The income tax department may impose a Rs 10,000 penalty on you if your PAN card is not linked to your Aadhar card by the deadline if you have an inoperative Permanent Account Number (PAN).
An income tax administration statement previously stated that any PAN that is not linked will be labeled as ‘inoperative’. The IT department has now explicitly stated in its most recent notification that such PAN cards will face repercussions under the Income Tax Act.
A PAN that is no longer functional is deemed to have been supplied in violation of law, and under Section 272B of the Income Tax Act, a penalty of Rs 10,000 may apply. Using your PAN card for non-tax purposes, such as opening a bank account or applying for a driving license, should not result in a penalty.
The bank account opened with a non-functional PAN may encounter problems if it has transactions falling within the scope of income tax. PAN cards are required when depositing or withdrawing more than 50,000, for example. Upon linking your PAN and Aadhaar, the PAN becomes operational, and penalties cease to apply. Inoperative PAN cards do not need to be re-applied since after the linkage is completed, the PAN card becomes valid again. Follow these simple steps to verify the status of the link.
www.incometaxindiaefiling.gov.in/aadhaarstatus. Type in your PAN number and Aadhaar card number. Select ‘View Link Status Aadhaar. The following screen displays the status of the linking.
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