Aadhaar-PAN Linking: If you have not yet linked your PAN with Aadhaar, then get this work done soon. The Income Tax Department has asked taxpayers to link PAN card with Aadhaar before 31 May. If this is not done by 31 May, more TDS will be deducted.
If PAN is not linked to Aadhaar, then PAN will also become inactive. However, this will not have any effect on people falling in the exempted category. A fee of Rs 1000 is charged for linking PAN to Aadhaar. Earlier it could be linked without any fee.
A fine of up to Rs 10,000 can be imposed
If the PAN card is deactivated, such people will not be able to do things like opening a mutual fund or stock account. Apart from this, if you use this PAN card as a document anywhere, then you may have to pay a heavy penalty. Under section 272B of the Income Tax Act 1961, you can be fined up to Rs 10,000.
These PAN card holders got relief
Certain people are exempted from linking PAN with Aadhaar under the Income Tax Act 1961. This category includes people from Assam, Jammu and Kashmir and Meghalaya, non-residents, people aged 80 years or above and foreign nationals.
