New Delhi: If you do not have a PAN card, then financial work as well as other works get stuck in the middle. If you need to open a bank account, then your PAN card is given priority. In the absence of a PAN card, the bank refuses to open your account. Did you know that linking your PAN card with your Aadhaar card has also become mandatory?
Despite this, a large number of people have not linked their PAN card with Aadhaar. PAN cards not linked with Aadhaar have also been deactivated. If you are using an inactive PAN for financial transactions, then action can also be taken under Section 272B of the Income Tax Act. You can also be fined for this fraud.
Do not link an inactive PAN card..
According to the Income Tax Department, if a person uses an inactive PAN, especially in high-value transactions, then a separate fine can be imposed on them in each case. This includes transactions such as opening or operating a bank account, investing in shares or mutual funds, buying property, applying for a loan, and filing income tax returns. Therefore, please take steps after careful consideration.
How is PAN being deactivated?
If you have not linked your PAN card to your Aadhaar card, it will be declared inactive. Such PANs have now been made invalid for most tax and financial purposes. In such a situation, if a person uses this inactive PAN for monetary purposes, it will be considered a violation of the law.
Having two PAN cards is illegal
For your information, please note that keeping two PAN cards is considered illegal. In such a situation, the person should surrender one PAN card. If a person is caught using two PAN cards, they will be allowed to explain the reason behind this act. A fine will then be imposed.