What is the time limit for linking Aadhaar with PAN?
If the PAN-Aadhaar link is completed on or after July 1, 2022, a charge of Rs 1,000 would be required. The deadline to link a PAN to an Aadhaar number has been extended till March 31, 2023, after which time PANs that have not been linked to an Aadhaar number will become inoperative.21-Jul-2022
The Centre already extended the deadline till March 31 earlier, after which, the Central Board of Direct Taxes had notified that those who link PAN and Aadhaar after March 31 and by June 30, 2022, will have to pay a penalty fee of ₹500.30-Jun-2022
Is linking Aadhaar with PAN mandatory?
By March 31, 2023, if you have not linked your PAN to your Aadhaar, it will no longer work, which would have serious repercussions. You can link PAN-Aadhaar online or by sending an SMS from your registered phone number to either 567678 or 56161.28-Jun-2022
An individual cannot file ITR without linking the two first. If your PAN is not linked with Aadhaar by the extended deadline, then as per current laws PAN will become inoperative. While quoting Aadhaar in lieu of PAN, the two are linked.
What happens if PAN card is not linked with bank account?
In case your PAN Card is not linked with a bank account, opening a fixed deposit account, depositing cash more than Rs. 50,000 will not be possible. Moreover, it will also result in TDS getting deducted at 20% if the interest amount of the FD account exceeds Rs. 40,000 which is higher than the current 10%.14-Jul-2022
Yes it is mandatory otherwise the PAN will become invalid. However the last date of linking aadhaar with PAN is not 30th june.
Can I deposit 3 lakh to a savings account without having a PAN card?
Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision. But a circular issued on Tuesday says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh.17-Nov-2016
PAN card is compulsory and is required for doing most financial transactions. The I-T department has made it mandatory to link your bank account with PAN. The main reason for this is that your income tax refunds will be credited directly to your bank account.
Will my PAN card become invalid?
The PAN will become invalid and no PAN-related transaction will be allowed. In case the PAN becomes inoperative, and the individual can't furnish it in the necessary transactions, this may lead to a fine of Rs 10,000.31-Mar-2022
i) You may also visit https://www.utiitsl.com/ OR https://www.egov-nsdl.co.in/ to link your PAN and Aadhaar.
How can I link my Aadhar card with PAN?
How to Link PAN Card to Aadhaar Card Online through e-Filing Website
The Reserve Bank of India sets limits on cash deposits in Savings Accounts. You can deposit only INR 1 lakh cash in one shot in a Savings Account. Cash deposits in a Savings Account cannot exceed INR 10 Lakhs in a financial year.26-Oct-2021
How much money we can keep in bank without tax?
If a savings account holder deposits more than ₹10 lakh during a financial year, the income tax department may serve an income tax notice. Meanwhile, cash deposits and withdrawals in a bank account crossing ₹10 lakh limit in a financial year must be revealed to the tax authorities.25-Dec-2021
1] Savings/Current account: For an individual, the cash deposit limit in savings account is ₹1 lakh. If a savings account holder deposits more than ₹1 lakh in one's savings account, then the income tax department may send income tax notice.07-May-2021
How do I know if someone is using my PAN card?
The best way to check if someone is misusing your PAN card is by checking your credit score. This statement lists all the loans that you have taken using your PAN. If you find any listed loan you did not take, you will identify the fraud.08-Aug-2022
Pan card does not expire however it can be updated in case of any damage.
Is it mandatory to file income tax return if I have a PAN but no income?
It is not mandatory to file return of income after getting PAN.
Process to Activate PAN Card You can activate PAN card again by following the process mentioned below: Write a letter addressing the Assessing Officer (AO) for reactivation of your deactivated card. Attach the self-attested copy of the deactivated PAN card. Fill the Indemnity Bond in favour of the Income Tax Department.14-Jul-2022
How can I link my Aadhaar card with PAN by SMS?
How to link PAN number with Aadhar via an SMS?
Fifth character of PAN represents the first character of the PAN holder's last name/surname in case of an individual. In case of non-individual PAN holders fifth character represents the first character of PAN holder's name. Last character, i.e., the tenth character is an alphabetic check digit.
How can I know my Aadhaar number linked?
Resident will have to type “GVID Last 4 digits of Aadhaar Number” and send it to 1947 through the registered Mobile Number.
What is the time limit for linking Aadhaar with PAN?