The government has extended the PAN-Aadhaar linking deadline by six months.Now taxpayers will be able to link PAN and Aadhaar by March 31 next year.Earlier this deadline was ending on 30 September this year.Along with this, the deadline for completing the penalty process under the Income Tax Act has also been extended from 30 September 2021 this year to 31 March 2022 next year.The government extended the deadline for issuing notices and passing orders by the competent authority on transactions of un-named properties till March next year.
Earlier, the last date for linking PAN card with Aadhaar was 30 September 2021.There has been a relief due to the extension of the deadline, but instead of postponing this work, the sooner it is done, the better.Failure to do so within the time limit will render the PAN card useless.
PAN card is required for opening bank accounts, banking transactions, mutual fund transactions, stock market investments, etc.For banking transactions of 50,000 or more, investors can be fined up to Rs 10,000 if PAN is not linked with Aadhaar within the stipulated time frame.At the same time, if the PAN-Aadhaar is not linked to the bank account, the bank can deduct TDS twice.
Also, non-completion of KYC means that the investor will not be able to do any further transactions in mutual funds or investments in any other place, be it buying or selling new units.Also, the monthly SIP of the investor will also be affected, as such investors will not be able to buy or redeem any units.
PAN-Aadhaar Card Linking
For linking with Aadhaar, one has to first go to the website of the Income Tax Department https://www.incometax.gov.in/iec/foportal.
After this, click on the Link Aadhaar section in Our Services.
Here PAN number, Aadhaar number and name have to be entered.
Now tick on 'I agree to validate my Aadhaar details'.
Finally, click on Link Aadhaar.
The Income Tax Department will validate the information like name, date of birth etc. and after that, the linking process will be completed.