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PAN-Aadhar Link: Under section 272B of the Income Tax Act, if a person has an invalid/ inoperable PAN card, the Assessing Officer may impose a penalty of Rs 10,000 on the person.

Published: January 8, 2022 4:15 PM IST

By India.com Business Desk | Edited by Raghav Aggarwal

PAN CARD FRAUD
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New Delhi: The last date to link PAN number and Aadhar number is March 31, 2022. If the cardholder fails to link the two numbers, late fees of Rs 1,000 will be applicable. This provision has been added in the Winter Session 2021 under Section 234H of the Income Tax Act through a Finance Bill. After March 31, the PAN card will become inoperable.

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However, under section 272B of the Income Tax Act, if a person has an invalid/ inoperable PAN card, the Assessing Officer may impose a penalty of Rs 10,000 on the person.

The new rule states, “Without prejudice to the provisions of this Act, where a person is required to intimate his Aadhaar number under sub-section (2) of section 139AA and such person fails to do so on or before such date, as may be prescribed, he shall be liable to pay such fee, as may be prescribed, not exceeding one thousand rupees, at the time of making intimation under sub-section (2) of section 139AA after the said date.”

What Happens If You Do Not Link PAN-Aadhar Numbers By March 31, 2022

  • A late fee of Rs 1,000 is applicable if a person misses the March 31 deadline to link PAN and Aadhar numbers.
  • The PAN Card will become inoperable till the time person links both numbers.
  • The PAN Cardholder will not be able to file the Income Tax Return (ITR).
  • A fine of Rs 10,000 can be imposed on the person by the Assessing Officer after March 31, 2022.
  • The person will also not be able to invest in shares, mutual funds and bonds.
  • The person will not be able to open a new bank account.

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Published Date: January 8, 2022 4:15 PM IST