New Delhi: According to a statement from the Income Tax (I-T) Department, PAN (Permanent Account Number) cards that are not connected to Aadhaar would stop working as of April 1, 2023.
By March 31, 2022, the tax administration wants citizens to link their Aadhaar and PAN. The tax agency stated that all PAN holders who do not fall under the exempt category must link their PAN with their Aadhaar before March 31, 2023, in accordance with the Income-tax Act of 1961.
The department added that the unlinked PAN would stop functioning as of April 1, 2023. “The end day is quickly approaching. Link it now, don’t wait! “.
If the PAN card is not connected to Aadhaar, it would be deemed invalid. Aadhaar is required for a number of financial operations, including opening bank accounts, making deposits into them, opening Demat accounts, and buying and selling real estate.
Once connected to Aadhaar, the inactive PAN will reactivate. A person can link a PAN card with Aadhaar in accordance with the new Section 234H of the Income-tax Act by paying a charge of Rs 1000 on the tax department’s website, www.incometax.gov.in.
All Indian government and non-government departments accept the PAN card as a form of image identification.
The income tax agency needs to link Aadhaar and PAN cards because the former is biometric-based and cannot be obtained using any other form of identification.
According to the department, reducing duplicate PANs and enhancing tax compliance are the primary goals of integrating PAN and Aadhaar.
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