PAN card is one document that shows your financial status. But, what if your PAN card becomes invalid?
PAN card is one of the most important documents. It is needed for several financial transactions as well as filing the income tax return (ITR), claiming IT refund or opening a bank account. But, what if your PAN card becomes invalid? Yes, it is possible if you do not link it with Aadhaar within the next 22 days (i.e. by 31, March 2019). As per the Income Tax department, Aadhaar-PAN linking is mandatory for PAN holders who need to file ITR. The last date for linking ends this month.
Pan-Aadhaar linking compulsory
The last date for linking PAN card with Aadhaar is 31st March 2019. If you fail to finish the linking then you may face a lot of trouble in future. Last year, the Government had either closed or put 11.44 lakh PAN cards in the inactive category. After the deadline of March 31, this may happen to your PAN card as well if you fail to link it with Aadhaar. If your PAN Card is not linked with Aadhaar yet, then you may face a lot of troubles.
Under Section 139AA of the Income Tax Act, your PAN will be considered invalid. According to experts, if your PAN is not linked to Aadhaar before the end of deadline then you will not be able to file online ITR. Your tax refund will also get stuck and the PAN card will become invalid.
It is possible to file ITR without PAN-Aadhaar linking. However, the Income Tax department will not process the returns until you link your PAN and Aadhaar.
For PAN-Aadhaar linking, you can visit the official e-filing website of the Income Tax department to link the two.
Last year in July, the CBDT had extended the deadline for PAN-Aadhaar linking to 31st March, 2019.
As per Section 139 AA (2) of the Income Tax Act, every person having PAN as on 1 July 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to the tax authorities.
As per official data till March 2018, over 16.65 crore PANs, out of the total about 33 crore, were linked with Aadhaar.