Central Govt New Rules: PAN Card will cancel If you not do this urgently
The Income Tax Department will impose a double penalty on you are doing any kind of financial transaction without linking PAN with Aadhaar Card.
The Narendra Modi lead central government has made Aadhaar mandatory for Indian citizens. PAN Card is as important as Aadhaar Card for any business. PAN is mandatory for all financial transactions including property purchase, property sale, banking business.
The central government has implemented new rules regarding PAN card, if you do not do this, your PAN card is guaranteed to be cancelled. The central government is making many laws regarding the increasing illegal money transfer and acquisition of illegal assets in the country. As part of this, it is mandatory for everyone to have a PAN card. It also asked to link Aadhaar card with PAN.
The central government had already issued an order to make Aadhaar Card-Pan Card Link with Aadhaar. In the beginning it was suggested to link Aadhaar and PAN card for free, later it could be linked by paying fine. But it is impossible to link PAN card with Aadhaar card even after making payment.
Also Read: Financial Rules Changes: Important Financial Changes In November
Once PAN card is not linked with Aadhaar card, it will not be possible to do banking transactions in the future. That’s why even if you have an account in the bank, PAN card is mandatory. Banks are asking PAN mandatory not only for adults but also for small children when opening a bank account.
Also Read: Central Government Big Update: 64 Lakh Phone Connection Cancel
If you have already linked PAN card with Aadhaar card then you will not have any problem. Once you have not linked PAN card along with Aadhaar card, your PAN card will also be cancelled. Even though the Central Government has given this opportunity, those who have followed the policy of delay in linking Aadhaar with PAN card, cannot conduct financial transactions.
Also Read: Aadhaar Card Data Leaked: 81.5 Crore Indian Personal Data Leaked
That is why it is said that it will be impossible to buy any property from now on. If you are caught doing any kind of financial transaction without linking Aadhaar card with PAN, the Income Tax Department will impose a double fine on you. Earlier only tax payers were required to have PAN card. But now banks have made PAN card mandatory even for opening an account.
Comments are closed.