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PAN cardholders will have to pay a fine of up to ₹10,000 after 31st March. Details here

Aadhaar PAN link: By March 31, 2022, PAN card users should link their Permanent Account Number (PAN) to their Aadhaar card number. If they do not complete this by the deadline, their PAN card will become invalid, and they will be charged a price of $1,000 for the PAN Aadhaar connection. The PAN cardholder’s problems will not end here, as he or she will be unable to invest in mutual funds, stocks, create a bank account, and so on.

Where furnishing a PAN card is a must. Apart from this, if the person furnishes the PAN Card, which is no more valid, then under Section 272N of the Income Tax Act 1961, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten thousand rupees.

According to Section 272B of the Income Tax Act “If a person fails to comply with the terms of section 139A, the Assessing Officer may determine that such person should pay, by way of penalty, a sum of ten thousand rupees,”

According to the most recent figures, roughly 307.5 million PANs have been connected to Aadhaar, with 175.8 million PANs still awaiting verification.

If PAN is not linked to Aadhaar by March 31, the Income Tax Department has stated that it will become inactive. It will, however, become functional after the individual links it to their Aadhaar card.

The Supreme Court had in September 2018 declared Aadhaar as constitutionally valid and held that the biometric ID would remain mandatory for the filing of income tax returns and allotment of PAN cards. “Where a person, who has been allotted the permanent account number as on July 1, 2017 and is required to intimate his Aadhaar number under sub-section (2) of section 139AA, has failed to intimate the same on or before March 31, 2020, the permanent account number of such person shall become inoperative immediately after the said date for furnishing, intimating or quoting under the Act,” the Central Board of Direct Taxes (CBDT) said.

Meanwhile, the government announced that it will roll out a service that will allow people to get PAN cards online promptly after providing their Aadhaar numbers. Budget 2020-21 proposed launching a system in which Permanent Account Numbers (PANs) will be instantly granted online based on Aadhaar without the need to fill out a full application form, in order to simplify the process of PAN issuance.