If you are an Indian citizen, then there’s no way around this one – you will have to link your Aadhaar card with your PAN (Permanent Account Number) by 31st March, 2022, or face consequences under the Income Tax Act of 1961. Why do you need to link Aadhaar with PAN? What are the consequences of not linking them? Which documents do you need to link them? We answer all these questions and more in this guide on why you need to link your Aadhaar with your PAN by 31st March, 2022.
What is your PAN?
PAN is an acronym for Permanent Account Number. It is a ten-digit alphanumeric number issued by the Income Tax Department. It is mandatory for certain financial transactions like opening a bank account, filing income tax returns, etc. If you are not able to link your Aadhaar and PAN by 31st March, then you will be unable to make any financial transaction after this date.
Is your name in both the databases?
Even if your name is in both the databases, there is no guarantee that they will match. If your name is not in both databases, you will need to update one or both of them. The process of linking your Aadhaar with your PAN is simple and can be done online. By doing this, you will ensure that your identity is correctly linked with your financial transactions. This is important because it will help the government track any suspicious or illegal activity. Additionally, this will help you file your taxes correctly and claim any benefits or refunds that you are entitled to. So make sure you link your Aadhaar with your PAN today!
Steps to link your Aadhaar with your PAN
1. Log in to the e-filing website of the Income Tax Department using your user ID, password and date of birth or date of incorporation.
2. On the homepage, click on the ‘Profile Settings’ tab.
3. In the ‘Profile Settings’ page, select the ‘Link Aadhaar’ option.
4. Enter your 12-digit Aadhaar number and click on the ‘Link Now’ button.
5. A pop-up window will appear, asking you to confirm your details. Once you confirm your details, your Aadhaar will be linked to your PAN.
6. You will receive an acknowledgement slip on your registered email ID and mobile number once your linking is successful.
7. Save this acknowledgement slip for future reference
What if you don’t link them by 31st March, 2022?
If you don’t link your Aadhaar with your PAN by 31st March, 2022, you will not be able to file your taxes. Additionally, any existing PAN that is not linked with an Aadhaar will become inoperative. This means that you will not be able to use your PAN for any financial transactions. So if you want to avoid any hassle come tax season, make sure to link your Aadhaar with your PAN now.
What happens if my name doesn’t match between my Aadhar and my PAN?
If your name doesn’t match between your Aadhar and your PAN, you may have trouble filing your taxes or claiming certain government benefits. Additionally, you may be subject to penalties or fines. Therefore, it’s important to make sure that your name is updated in both places. Here’s how you can do it – You need to update your details on the Unique Identification Authority of India (UIDAI) website
– Then, visit the Income Tax website and click on the Link Aadhaar tab. Clicking this tab will take you through a process of linking your two IDs together
– Select either Yes or No when asked if you want to link your two IDs together
– Fill out all the necessary information requested on this page
How will linking these two benefit me?
Linking your Aadhaar with your PAN will help the government keep track of your financial transactions and ensure that you are paying your taxes. Additionally, it will help you avoid any potential penalties for not having linked the two by the deadline. In the long run, this will save you time and money. If a bank account is frozen due to lack of linking, then the account holder will have to go through a tedious process in order to unfreeze their account. Some banks might even charge a fee for doing so.
As per Section 139AA of the Income Tax Act, as of July 1, 2017, all Indian citizens must link their Aadhaar number with their Permanent Account Number (PAN). The deadline to do so is December 31, 2017.
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