Free PAN-Aadhar Linking, NO 1000 rupees needed : Non linked PAN cards to become inoperative after September 30 deadline : Tech Blog of Business Boost Software Solutions

Free PAN-Aadhar Linking, NO 1000 rupees needed : Non linked PAN cards to become inoperative after September 30 deadline

BBS Admin Sep 30, 2019 - Monday Dhupguri 826

Free PAN-Aadhar Linking, NO 1000 rupees needed

The PAN number essentially helps the tax department to identify the person or company in a transaction. Currently, under Section 139AA (2), PAN number allotted to a person shall be deemed to be ‘invalid’ in case the person fails to link it to the Aadhaar number.

Further, if a person fails to intimate the Aadhaar number and link PAN with Aadhaar, the PAN card will be made ‘inoperative’. Inoperative means that a person or company will not be able to use the PAN card for financial transactions. However, officially the government is yet to define the meaning of inoperative. Also, the government has not yet clarified whether the inoperative PAN card will be valid after they are linked to the Aadhar card post the deadline.

The deadline to link PAN with Aadhaar by September 30 was notified by the Central Board of Direct Taxes (CBDT) on March 31, 2019. The budget presented by Finance Minister Nirmala Sitharaman in July 2019, changed the PAN-Aadhar linking rules. The latest rules have been cited under the new Income tax law that was proposed in the Finance Bill 2019.

The Finance Bill says, "It is proposed to amend the said proviso so as provide that if a person fails to intimate the Aadhaar number, the permanent account number allotted to such person shall be made inoperative after the notified date in the manner as may be provided by rules. This amendment will take effect from 1st September 2019."

According to experts, there is no clarity on what will happen if the PAN Card is not linked to the Aadhar Card within the stipulated time.

After the PAN card becoming inoperative, you will be deemed to not holding a PAN card and will not be able to undertake any transactions where quoting PAN number is mandatory.

Goto : https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/LinkAadhaarHome.html?lang=eng

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