The deadline to link PAN card with Aadhaar has ended on June 30, 2023. For those who have not yet linked their PAN card with Aadhaar, it means that their PAN card will become inactive from 1st July 2023. Those who do not link PAN with Aadhaar may face problems in deposit, transaction, loan and credit related work. But there are some works which will stop if PAN and Aadhaar are not linked.
10 important points
1. Income tax refund cannot be processed. As per CBDT taxpayer can file income tax return but cannot claim refund using inoperative PAN.
2. Demat account cannot be opened. With this, you cannot pay more than Rs 50,000 to buy mutual fund units.
3. For the purchase and sale of any security other than shares, more than one lakh rupees cannot be paid at a time.
4. Shares of comp.es which are not listed on the stock exchange. Payments for buying and selling its shares cannot exceed rupees one lakh per transaction.
5. There will be more tax on buying and selling cars.
6. Banks or co-operative banks which do not link PAN with Aadhaar cannot open any account except fixed deposit and savings accounts. Apart from this, an amount of more than Rs 50,000 cannot be deposited in any bank or co-operative bank.
7. Can’t apply for credit card and debit card.
8. In a financial year the premium of an insurance policy is Rs. 50,000 cannot be paid.
9.10 lakh immovable property or Rs. More tax will have to be paid on the purchase and sale of property with stamp duty of more than 10 lakhs.
10. If you make a payment of more than two lakh rupees per transaction for the purchase and sale of any goods or services, the excess tax will be levied. If you have not yet linked your PAN card with Aadhaar, then you will have to pay a fee of Rs 1,000 to get it activated again. Then your PAN card will be activated within 30 days.