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PAN-Aadhaar cards linking: What happens if you miss the deadline

After extending the last date for the seventh time earlier, the income tax department has now set 31 December as the deadline for linking PAN card with Aadhaar card. Unless the I-T department chooses to extend the deadline once again, it is mandatory for you to link the two documents by the end of 2019. You can go to the income tax department’s e-filing portal to complete the interlinking process and also to check the status of your PAN-Aadhaar linking.

If you miss the deadline, your PAN card might become “inoperative” from 2020. The income tax department had issued a statement on Twitter last week reminding taxpayers that the last date to link your PAN with Aadhaar is December 31, 2019. “Not linking your PAN with Aadhaar on or before 31st December, 2019 shall make your PAN inoperative,” it had said.

The definition of the word “inoperative” is not yet clear. But it is likely that all such non-linked PAN cards will not treated to be in use anymore from 1 January, 2020. The income tax department might, however, allow make such inoperative PAN cards operative once again after they are linked to Aadhaar.

Having a PAN card is mandatory for several purposes like opening of a bank account, buying mutual funds or shares and even making cash transactions of over 50,000.

According to a report, the PAN-Aadhaar linking rule is also mandatory for NRIs. Having a PAN card is mandatory for NRIs if they have taxable income in India or want to make investments in the country.

Source: livemint