Indian Government made it mandatory to link Pan Number with Aadhaar. Every individual needs to update their Pan with Aadhaar on or before 30th September 2021.
Though Modi Government extends the deadline several times; it is not suggestable to wait for last minute. Due to covid tensions, Government extends the last date, but this time Government is sure to link all the resident individuals Pan with Aadhaar on or before 30th September 2021.
Consequences of not linking Pan with Aadhaar-
- You can’t open fresh bank accounts, Demat accounts anymore
- You can’t do financial transactions through Banks, demat accounts
- All your existing investments in mutual funds, shares are blocked and can’t be redeemeed
- Your Pan will become inoperative
- A Penalty of 10,000 rupees would be levied under section 272B of the income tax act
- You can’t update KYC as Pan becomes inoperative
So to avoid the above consequences, one has to link Pan with Aadhaar either through income tax portal or Typing “UIDPAN” and Sending sms to 56161 or 567678.
You can also take help of UTIITSL OR NSDL(National Securities Depository Limited), if you wish to do off-line pan and aadhaar linking.
But do remember, the last date to link Pan with Aadhaar is 2021, September 30th. It is at the discretion of the government to extend it or not. So don’t wait for the last minute and do it Today itself!