Well, do you deduct TDS? Or can you deposit Rs 50,000 or more in cash in the bank? Or have you recently opened a new bank account or applied for a new debit or credit card? Then your PAN card is still working. But if you do not do this, then you will not get this benefit anymore.
The center has said that if you do not link your PAN card with Aadhaar card by December 31, your PAN will become ‘inoperative’ or inactive. This means that having your PAN card in the government account will be the same as not having it. And the consequences can be dire.
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What problems will you face?
According to the Income Tax Department rules, if the PAN is not valid, you will not be able to open a new bank account. You will not be able to apply for a credit or debit card. Even cash deposits of more than Rs 50,000 will be blocked. The biggest blow will be in the area of taxes. Your TDS (Tax Deducted at Source) will be deducted at the rate of 20 percent. You will not get any refund. Buying and selling immovable property worth more than Rs 10 lakh is also impossible in this situation.
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What is the solution?
Financial experts say that there is nothing to be afraid of after hearing all this. However, you need to take quick action. First, go to the Income Tax portal and apply by going to the ‘Link Aadhaar’ option of the ‘e-Pay Tax’ portal. Remember, your Aadhaar and PAN will be linked immediately after applying. And if you are not sure, check the ‘Link Aadhaar Status’ of the portal. Delaying can further increase the financial loss.