PAN Card Big Update: Central government cancel 11.5 crore PAN cards

PAN Card Big Update: If you are caught doing any kind of financial transaction without linking PAN with Aadhaar card, the Income Tax Department will impose a double penalty on you.

PAN Card News Rules: 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.

PAN Card Big Update: Central government cancel 11.5 crore PAN cards
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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 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.

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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 to have an account in the bank, PAN card is mandatory. Banks are asking PAN mandatory not only for adults but even for small children when opening a bank account.

About 11.5 crore PAN cards that are not linked to Aadhaar have been deactivated, according to a Right to Information (RTI) reply filed by the Central Board of Direct Taxes (CBDT). The deadline for linking PAN with Aadhaar ended on June 30 earlier this year. There are 70.24 crore PAN card holders in India, of which 57.25 crore have linked their PAN cards with Aadhaar.

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PAN Card Big Update: Central government cancel 11.5 crore PAN cards
Image Credit To Original Source

More than 12 crore PAN cards have not been linked with Aadhaar, out of which 11.5 crore cards have been deactivated, according to the RTI reply. An RTI application was filed by Madhya Pradesh-based social activist Chandrasekhar Gaur. For new applicants of PAN card, Aadhaar-PAN linking will be done automatically at the application stage.

For existing PAN holders who were allotted PAN on or before July 1, 2017, linking of PAN and Aadhaar is mandatory. Under sub-section (2) of Section 139AA of the Income Tax Act, it is mandatory for every person who has been allotted a PAN as on July 1, 2017 to “indicate his Aadhaar number”, the RTI reply emphasized.

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This linking of PAN and Aadhaar should be done on or before the specified date, otherwise the PAN will be deactivated,” the RTI reply said. Further, as per Section 234H, if the person required to link his PAN with Aadhaar fails to do so on or before the prescribed date, he will have to pay a fee. In order to reactivate the PAN card, the CBDT has imposed a fine of Rs 1,000.

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