State Bank of India (SBI) has asked its customers to link their PAN with Aadhaar in order to avoid any inconvenience in future. “We advise our customers to link their PAN with Aadhaar to avoid any inconvenience and continue enjoying a seamless banking service,” SBI informed its customers.
The tweet has further stated that the linking of PAN with the Aadhaar is mandatory. If PAN and Aadhaar are not linked, then PAN will be rendered inactive and cannot be quoted for conducting specified transactions. The last date for linking PAN with Aadhaar is June 30, 2021.
“Keeping in view the difficulties faced by the taxpayers, the central government had issued a notification extending the last date for the intimation of Aadhaar number and linking thereof with PAN to 30 June 2021,” the ministry had said.
The government has made several extensions to the deadline since July 2017 to facilitate the linking of the two identity numbers. PAN is mandatory for a host of financial transactions including the opening of bank accounts, cash deposits in bank accounts, the opening of Demat accounts, transaction of immovable properties and dealing in securities. Aadhaar is biometric-based and cannot be obtained based on any other identification document, linking the two is considered crucial for tax administration.
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