aadhar-pan link | Aadhaar-PAN not linked? money kept in your bank account will be affected, aadhar-pan not linked? The money kept in your bank account will be affected
Aadhar-PAN link is mandatory
- Savings in bank accounts will be affected due to inactive PAN card.
- Aadhar card is one of the documents required to complete KYC.
- TDS will be deducted double if Aadhaar-PAN is not linked.
The deadline for Aadhar-PAN linking is fast approaching. The last date for linking Aadhaar card with PAN is June 30 and if any person fails to link both the documents by this date, their PAN will become inoperative. Note that linking the documents together is important as it is directly related to one’s KYC documents. If you fail to complete the linking by the deadline then your KYC will be incomplete.
If someone’s Aadhar card is not linked with PAN card by June 30, then it means PAN card will be inactive, which is necessary for one’s KYC. After 30 June 2021, a person who has a PAN card, which is not linked with his Aadhar card, will be treated as a person without a PAN card. In such a situation, one’s KYC will become incomplete as PAN card is one of the documents required to complete KYC.
Savings on bank account with inactive PAN card will be affected. In case of inactive PAN card, your bank account will become an account without PAN card. In such a situation, if you earn interest on your savings above Rs 10,000, then the TDS (Tax Deduction at Source) rate will be doubled i.e. 20 per cent as TDS on a PAN card bank account is 10 per cent. Also, in case of inoperative PAN card, if you deposit Rs 50,000 or more in your account, in that case, the income tax department has clarified that you will be charged up to Rs 10,000 as penalty. could.
It may be noted that in the Finance Bill, 2021, the government has introduced an amendment under which a person will have to pay a late fee of up to Rs 1,000 in case of non-linking of PAN with Aadhaar. A new section 234H has been inserted in the Finance Bill to levy charges for default in reporting of Aadhaar number.
If a person is required to inform about his Aadhaar under section 139AA(2) and the person fails to do so, he shall be liable to pay such fee, as may be prescribed. Not exceeding Rs.1,000 at the time of reporting. This means that if a person fails to link PAN and Aadhaar by June 30, he will have to pay a fee of Rs 1,000. This fee will be additional, if the PAN becomes inoperative due to non-maintenance of Aadhaar, then the person has to face it.
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