Pan Card-Aadhaar Card Link: The government had given a deadline of June 30, 2023 to link PAN card with Aadhaar, which has now expired. Those who did not link their PAN card with Aadhaar within the stipulated time limit, their PAN cards have been made inactive.
Due to which such people may face problems in many tasks. Like paying tax, doing financial transactions and buying and selling property etc.
Let us tell you that the Income Tax Department and the Central Board of Direct Taxes (CBDT) have released a list of such transactions which cannot be done with an inactive PAN card. So let us know what problems those who do not link their Aadhaar with PAN may face.
1. There will be difficulty in getting tax refund
Although taxpayers can file their Income Tax Return (ITR), if their PAN is made inactive, it will not be possible for them to claim tax refund.
2. Will not be able to open demat account
If your PAN card is not linked to your Aadhaar, it will not be possible to open a Demat Account. Not only this, buying mutual fund units or investing more than Rs 50,000 will also be banned.
3. Impact on equity investments and share transactions
You will not be able to make a transaction of more than Rs 1 lakh for buying and selling shares or other securities. This means that this can become a big problem for investors.
4. Difficulty buying and selling a Vehicle
If the PAN card is inactive, you will have to pay additional tax on buying or selling a vehicle. That is, if you have not linked your Aadhaar to PAN, then you will have to pay more tax than others on buying a vehicle.
5. Impact on bank accounts and fixed deposits
If your PAN card has become inactive, then you will not be able to open a new savings or fixed deposit account. Not only this, it will not be possible for you to deposit an amount of more than Rs 50,000 in the bank.
6. Ban on credit and debit card applications
If your PAN becomes inactive then it will not be possible for you to apply for credit card and debit card.
7. Limit on insurance premium
Due to inactive PAN, the premium of insurance policies will also be affected. Because if this happens, you will not be able to pay a premium of more than Rs 50,000 in a financial year.
8. Impact on property transactions
If the PAN card is inactive, you will have to pay more tax on buying or selling property worth more than Rs 10 lakh. The same rule will apply in the case of stamp duty as well.
9. Impact on the sale and purchase of goods and services
PAN is required for transactions above Rs 2 lakh. Therefore, if the PAN is inactivated, you will not be able to make transactions above Rs 2 lakh.
You can reactivate your PAN
By looking at the list given above, you must have understood what problems those who have not linked their PAN with Aadhaar may face. If you are also included in those people, then do not panic. Because PAN can be activated again. But for this you will have to pay a fee of Rs 1,000. After depositing the fee, the PAN card will be activated again within 30 days.
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