Aadhaar PAN Link: In today’s times, linking your Aadhaar and PAN cards is not just a formality, but has become crucial for your financial well-being. There was a time when the government offered this facility free of charge, but now, starting in 2024, a late fee (penalty) of Rs 1,000 will be required for linking your Aadhaar and PAN. This raises the question in many people’s minds: if they don’t link their accounts to avoid these hefty fines, what serious legal and banking problems could they face in the future? Let’s explore this in detail in this article.
Aadhaar-PAN Linking Don’t Ignore the Deadline Know the Major Financial Losses
Major disadvantages of not linking PAN card
If Aadhaar-PAN is not linked, your PAN card will become ‘inoperative’, which means you will not be able to use it anywhere.
With an inactive PAN you will not be able to open a new savings account or current account in any bank.
At present, it has become necessary to pay a late fee of Rs 1,000 to link Aadhaar-PAN.
Banking and investment will be adversely affected. If PAN is not linked, double TDS may be deducted on the interest on your bank deposit (FD). You will not be able to trade in the stock market and new investments or withdrawals in mutual funds will be completely stopped. Your CIBIL score may get affected and the bank may reject your application for a home loan or car loan.
Income tax problems
If you have a tax refund due, the department will not process it if your PAN card is inactive. You will not be able to file your income tax return, which may lead to additional penalties. You will have to pay tax on many financial transactions at a much higher rate than normal.
How to check whether your Aadhaar-PAN is linked or not?
Visit the Income Tax Department website (incometax.gov.in) and click on ‘Link Aadhaar Status’.
You can also check the status by sending an SMS with UIDPAN to 567678 or 56161 from your registered mobile number.
If the name or date of birth is different in both the documents, then first correct it and then link it through biometric or OTP.
