Wondering why you need to link PAN with Aadhar online? Here’s your answer.

In case you haven’t linked your Permanent Account Number (PAN) card to your Aadhaar card, you must do so by March 31, 2022. That’s because neglecting it might attract a penalty of Rs. 1,000. Previously, the deadline to link your Aadhaar card with PAN was December 31, 2021. The deadline, however, is now extended by the central government to March 31, 2022.

Previously, PAN card Aadhar card link rules did not attract a penalty. However, the new regulation states that if you fail to link the two identity documents, your PAN card number will become invalid. This means you won’t be able to perform basic financial transactions that require PAN details.

So, if your PAN card is not connected to your Aadhaar, you won’t be able to open a bank account and file an Income Tax Return (ITR). Or, if you are an investor, you won’t be qualified to invest in mutual funds schemes or park funds in stocks, among other things. Why? That’s because furnishing the PAN card is obligatory in all these cases.

But that’s not it! Failure to perform PAN Aadhar linking may also result in you shelling out a higher TDS amount along with a penalty of Rs. 10,000. This penalty will be imposed on you as per Section 272B of the Income Tax Act if you fail to produce the PAN as and when required.

Additional Read – What is Video KYC & How You Can Avail it for Personal Loan?

How to Link  Aadhaar Number with PAN Card?

Here’s how you can link PAN and Aadhaar card:

Step 1: Visit the new e-filling ITR website at www.incometax.gov.in.

Step 2: Here, when you are on the homepage, find the link that says, ‘Our Services.’ Click on this to proceed.

Step 3: Now, input details including your PAN card, name, Aadhaar number, contact number, etc.

Step 4: After that, you must check the box which reads, “I have only a year of birth in my Aadhaar card” if required.

Step 5: To proceed, click on the box that reads, “I agree to validate my Aadhaar details.” Press on continue.

Step 6: Lastly, you will receive a six-digit One Time Password (OTP). You will get the OTP on your registered phone number. Input the OTP on the verification page.

Step 7: Press on the option that says ‘Validate’ on the screen.

Additional Read –How Technology Has Changed the Way We Apply for a Personal loan

Checking Aadhaar link status

After following the linking procedure, if you want to check the status, visit the same portal at www.incometax.gov.in. Now, follow the steps below:

Step 1: Press on the option that says, “Aadhar Link Status,” located right under the “Link Aadhar.”

Step 2: Enter your PAN card number along with the Aadhar number.

Step 3: Press on “View Link Status.” Now, you can easily check your PAN-Aadhaar number link status.

When sailing through difficult times of the pandemic, if you’re looking for financial support, you can turn to India’s leading lender – Tata Capital. Get quick access to funds through personalised loans at competitive interest rates, flexible tenures, and custom EMI plans. Check out our loan offerings today.

0 CommentsClose Comments

Leave a comment