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5 Key reasons why you should link your Aadhaar with PAN card
5 Key reasons why you should link your Aadhaar with PAN card
Linking Aadhaar with PAN card is essential for several reasons. Here are some of the key reasons.
To expedite financial transactions and prevent tax evasion, the Central Board of Direct Tax (CBDT) has issued a final warning for individuals to link their PAN to their Aadhaar. The Indian government asked all taxpayers to comply with this requirement by March 31, 2023, with a penalty of Rs 1,000. If not linked by the expiration date, the PAN card will no longer be operational to initiate all financial transactions. Even the SEBI (Securities and Exchange Board of India) has issued a notice linking the two ID cards. As a result, one cannot create any transaction on financial markets like NSE and BSE.
Linking Aadhaar with PAN card is essential for several reasons. Here are some of the key reasons.
Preventing tax evasion: Linking Aadhaar with PAN card helps the government to avoid tax evasion. By linking the two, the government can easily track the income and expenses of an individual or entity and ensure that they are paying the correct amount of tax.
Simplification of tax procedures: Linking Aadhaar with PAN card simplifies the tax procedures for individuals. It lets them file their tax returns quickly and easily without complex paperwork.
Faster processing of refunds: When Aadhaar is linked with PAN card, the processing of tax refunds becomes faster and more efficient. The government can easily verify the identity of the person claiming the refund and ensure that the refund is paid to the correct bank account.
Avoiding duplicate PAN cards: Linking Aadhaar with PAN card helps to eliminate the problem of duplicate PAN cards. This ensures that each individual has only one PAN card, making tracking their financial transactions easier.
Availability of government services: Linking Aadhaar with PAN card also enables individuals to access various government services more efficiently. It simplifies the process of applying for passports, getting a new SIM card, opening a bank account, and more.
Linking Aadhaar with PAN card is essential to ensuring transparency and accountability in the Indian tax system.
Aadhaar- PAN link last date and penalty rate
The last date to link Aadhaar to the PAN for free was March 31, 2022. After that, the Indian government extended the deadline but with a fine. Citizens must now pay Rs 1,000 as a fine to link their Aadhaar with their PAN before March 31, 2023. If it is not done after the deadline, the PAN card will become inoperative; it won't be valid to carry out any financial process, such as completing the ITR declaration.
