ISO Certified Premium Startup Consultancy Company
ISO Certified Premium Startup Consultancy Company
Individual will get penalized if PAN is not linked with Aadhar Till March 2020
You may face an issue if you fail to link your Aadhaar with PAN by the end of this month i.e. (March). First, your PAN will become defective and second, you may be fined Rs 10,000 if you use a defective PAN.
The income tax department has said that PAN cardholders may bear penalty amount under the Income Tax Act if they are not able to link there PAN with Aadhaar before the due date. Any person found using canceled PAN card, will be fined up to Rs 10,000 under Section 272B of the IT Act.
Further, PAN will become Defective with effect from 1st April 2020 if not linked with Adhaar Card till 31 March 2020 as published in the notification issued by CBDT on Feb 13, 2020
An Assesse who is holding an inoperative PAN may suffer problems while doing some financial transactions related to banking, purchase or sale of a property, etc.
A non-operative PAN is identified as not having a PAN.
However, your defective PAN will become operative once again when you link it with Aadhaar.
The tax department has already extended the linking deadline two times in September and December last year.
02 Mar
“Whether you think you can, or think you can’t -- you’re right”. Neusource is the platform for settling on a correct decision in each part of the business that assists with developing your business and gives help in every stage which causes your startup to make in each most perfect way.
