Alert! PAN card holder be ready to pay Rs 10000 penalty for cancelled card or do THIS
PAN Card Alert! If you have not yet linked your Permanent Account Number (PAN) with your Aadhaar Card number than you might land in a big problem. Those who fail to link their PAN with Aadhaar card; they may get hit on two counts – one is that their PAN card may be cancelled and the second is the penalty for using the cancelled PAN card.
The person found using cancelled PAN card, could be fined up to Rs 10000 as per section 272B of the Income Tax Act. That means PAN Adhaar link is a must and that too before the last date goes by. The last date to link your PAN and Aadhaar numbers is 31 March 2020.
To be noted, the Central Board of Direct Taxes (CBDT) has clearly said that it will not extend the PAN Adhaar linking date, this time. The government has put a rider and a notification with regards to the rider has already been issued.
Your PAN will become inoperative from April 1, 2020, till the time it is linked subsequently. Once your PAN has been linked with Aadhaar, then your PAN will become operative again from the date on which PAN has been linked with Aadhaar. It is only advisable to link your PAN and Aadhaar before the March 31 deadline to avoid cancellation of PAN card which might result in delays in further operations.