New Penality Section 234 H for Non Linking With PAN and Aadhar and its Consequences

What Will Happen if PAN become invalid/inoperative

1. Not able to open the D-Mat Account

2. Not able to open Bank account

3. Not able to file the income tax return (means you will not abe to claim refund if you have)

4. If you have FD then higher amount of TDS will be deducred on your interest (7.5% to 20%)

5. Your employer will deduct the TDS@ higher rate i.e 20%.


Link your Pan number with Aadhar else penalty may cross Rs.1000.

 31.03.2021 is the last date.

 Link below for the same

https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/LinkAadhaarHome.html


 The deadline to link your Aadhaar and your PAN (permanent account number) is March 31. Your PAN will become void if you do not comply. 

The government has placed an amendment in the Finance Bill, 2021, approved by the Lok Sabha on Tuesday, under which individuals will be responsible for paying a late fee of up to Rs1,000 if their PAN is not linked to their Aadhaar number. 

A new Section 234H of the Finance Bill (Lok Sabha) has been introduced to charge a fee for failure to specify the Aadhaar number in ITR.

 If an individual fails to link his or her PAN and Aadhaar by March 31, he will be charged a fee of Rs 1,000. This charge is in addition to the other repercussions that a person will face if their PAN becomes inactive due to not being linked with Aadhaar. 

The government has previously granted several extensions to enable citizens to link their Aadhaar and PAN numbers, so now is the best time to do so before the March 31 deadline.

 Section 139AA of the Income Tax Act allows anyone who is eligible for Aadhaar to include their Aadhaar number in their income tax return and application for PAN allotment. 

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