PAN-AADHAAR Link: Central government has closed 11.5 crore PAN cards. This tough decision was taken because PAN card was not linked to Aadhaar.
In response to an RTI, the Central Board of Direct Taxes (CBDT) informed that the date for linking PAN card with Aadhar card was June 30. Action has been taken against those who did not link both the cards within the stipulated time.
There are 70 crore PAN cards in the country.
The number of this PAN card in the country had reached 70.24 crore. Of these, 57.25 crore people had linked PAN card with Aadhar card. About 12 crore people did not follow this process within the stipulated time. Out of these, cards of 11.5 crore people have been deactivated.
New PAN card is linked to Aadhar
This RTI was filed by RTI activist Chandrashekhar Gaur of Madhya Pradesh. It was informed that new PAN cards are linked to Aadhaar at the time of making them. This order was issued for people who had made PAN card before July 1, 2017. Under Section 139AA of the Income Tax Act, linking of PAN card and Aadhaar has been made mandatory.
A fine of Rs 1000 will be imposed
Under this order, people who fail to get PAN-Aadhaar linked can get their card reactivated by paying a fine of Rs 1000. Gaur said that the fee for making a new PAN card is only Rs 91. Then why is the government charging more than 10 times the fine for reactivating the card? People will not even be able to file income tax returns. The government should reconsider its decision.
Where will the problems arise?
Due to closure of PAN card, people may have to face many problems. According to CBDT, such people will not be able to claim income tax refund. Demat account will not be opened and payment for purchasing mutual fund units will not exceed Rs 50,000. You will not be able to pay more than Rs 1 lakh to buy and sell shares.
You will have to pay more tax on purchasing vehicles. No account will be opened in the bank except FD and savings account. Credit and debit cards will not be issued. You will not be able to pay more than Rs 50,000 for the insurance policy premium. There will be higher tax on buying and selling of property.
