The central government has once again extended the deadline for linking the country’s two most important documents – Aadhaar card and PAN card. Its deadline has been extended to six months. You can now link these two important documents to 31st March 2022. First, its deadline was 30 September 2021.
Deadline is March 31, 2022
In addition to increasing its deadline, the deadline for completing the penalty process under the Income Tax Act has been extended to 31 March 2022. The Central Government has extended the deadline for issuing notices and issuing orders from the competent authority on transactions of Benami assets. However, to avoid any inconvenience, these two documents should be put together as soon as possible.
Fines may have to be paid
To open a bank account, a PAN card is required for banking transactions, mutual fund transactions, stock market investments. If you do not link it with the Aadhaar card by March 31, 2022, the investor may have to pay a penalty of up to Rs 10,000 for banking transactions of 50,000 or more. Not only that, but if the two are not linked, the bank can cut the double TDS.
These problems can come
If you have not yet linked your PAN with Aadhaar, you may run into a lot of problems. Under Section 139A of the Income Tax Act, if your PAN is not linked to Aadhaar, your PAN card is considered invalid. Other than that, if you don’t link, you won’t be able to file your ITR. Your tax refund can also get caught. If you want to avoid all these problems, immediately link your pan with Aadhaar.
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