Earlier, the Revenue Tax Division had earlier introduced that any PAN that isn’t linked can be declared “inactive”. Now, in its newest notification, the IT division has clearly talked about that such PAN card holders should face the results beneath the Revenue Tax Act.
What occurs if PAN turns into inactive
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When your PAN turns into inoperative, it’s presumed that the PAN required by legislation has not been furnished and a penalty of Rs 10,000 could also be relevant as per part 272B of the Revenue Tax Act. Nonetheless, in the event you use your PAN card as an id proof for functions not associated to tax reminiscent of opening a checking account, making use of for a driving license, and many others., the penalty shouldn’t be imposed.
However, problems can come up if a checking account opened utilizing a non-functional PAN has transactions that carry it beneath the purview of earnings tax. Suppose, in the event you deposit or withdraw money above ₹50,000 then PAN card can be required. Nonetheless, upon getting linked your PAN and Aadhaar, PAN is activated, and no penalty can be relevant after the date of linking. Individuals with inactive PAN card should keep in mind that they needn’t apply once more for a brand new PAN card as as soon as linked the PAN card turns into legitimate as soon as once more.
The way to know whether or not your PAN and Aadhaar are linked?
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Comply with these easy steps to examine linking standing Go to www.incometaxindiaefiling.gov.in/aadhaarstatus Enter PAN and Aadhaar Quantity Click on on ‘View Hyperlink Aadhaar Standing’ Linking Standing is displayed within the subsequent display