PAN Card is needed for a few purposes including opening a bank account, purchasing mutual funds or shares, and in any event, making cash transactions of over Rs 50,000. You may experience inconvenience in monetary transactions in the event that you have neglected to link your Permanent Account Number (PAN) to Aadhaar card. Such PAN cards if not connected to Aadhaar becomes useless and declared “inoperative”
Process of Linking PAN with Aadhar
PAN can be linked with Aadhar by following two different ways:
PAN-Aadhaar card linking via SMS
- In order to link PAN– Aadhar through SMS, you need to ensure that both these documents have been enlisted under a similar name. Additionally, note that the mobile number should also be the same as the one registered for Aadhaar.
- In the event that both the prerequisites are fulfilled, at that point open the messaging app and type UIDAI space 12-digit Aadhaar card number space 10-character alphanumeric PAN details and send it to 567678 or 56161. For example, on the off chance that your Aadhar number is 109886543210, and your PAN is ABCD1234E, at that point simply type UIDAI space 109876543210 ABCD1234E and send it to 567678 or 56161.
- Once the SMS is sent, you will get notified about the PAN-Aadhaar linking being successfully done.
PAN-Aadhar Card linking via the website of Income Tax of India
- The initial step is to click on the IT site at incometaxindiaefiling.gov.in.
- Then click on ‘Link Aadhaar’ on the left side which is below the ‘Quick Links’ section in order to link PAN-Aadhar.
- Type in the PAN, Aadhaar number, and other required subtleties like your name according to the Aadhaar card, and so forth
- In the last step you should fill in the captcha or request for an OTP on the registered mobile number, following which, if the details match, your PAN-Aadhaar linking will be successful.
Importance of Linking of PAN-Aadhar
It is compulsory to have a PAN card since it is needed for a few purposes including the opening of a bank account, purchasing mutual funds or shares, and in any event, making money exchanges of over Rs.50,000. On the off chance that your PAN card is inoperative, at that point it will turn operative soon after the linking process is completed.
Additionally note, the Income Tax Department has said that holders of Inoperative PAN cards will have to confront outcomes under the Income Tax Act for not outfitting PAN. At the end of the day, such PAN holders won’t just be treated as non-PAN cardholders yet may likewise be fined a punishment of Rs.10,000 under Section 272B of the Income Tax Act. Also, those who have failed to link the both won’t be able to file their income tax.
For more information, visit the website of All India ITR.