Guwahati News Desk: The Permanent Account Number (PAN) Card will become inoperative if not linked with the Aadhaar card by 31 March.
A notification has been issued by the Central Board of Direct Taxes (CBDT) in June 2020.
PAN Card is one of the most important documents for a person, as it is used in all tax and banking issues.
Earlier, the Income Tax Department has stated that the inoperative PAN cardholders have to pay a penalty of Rs 10,000 under Section 272B of the Income Tax Act.
The PAN Card is important to deposit and withdraw a cash amount above Rs 50 thousand from a bank as the wrong and inoperative PAN could lead to a penalty of Rs 50 thousand.
All the inoperative PAN Card will work out after linking with the Aadhaar through an SMS.
The process of PAN linking to Aadhaar is, one needs to send an SMS at 567678 or 56161 from the registered mobile number and type a message UIDAIPAN (12 digit Aadhaar number) space (10-digit PAN Number).