What Happens If Both PAN And Aadhaar Are Not Linked By March 31?

If you are yet to link your Permanent Account Number (PAN) with Aadhaar, the deadline to do the same is March 31, 2020.

The Income Tax (I-T) Department has been putting out regular reminders regarding the same on its official Twitter handle. On March 16, the tax department tweeted saying that it was "mandatory" to link PAN with Aadhaar and advised people not to "miss" the stipulated deadline of March 31.

Here is a look at what will happen if you do not link your PAN with Aadhaar before March 31.

What will happen if PAN is not linked with Aadhaar?

If PAN and Aadhaar are not linked before March 31, then your PAN will become inoperative. Earlier the rules did not clearly define the term 'inoperative'. However, the Central Board of Direct Taxes (CBDT) in a notification dated February 13, 2020 clarified the meaning of PAN becoming 'inoperative' and how to make it operative once again.

According to CBDT, if PAN becomes inoperative with effect from April 1, 2020, you will not be able to use your PAN to conduct financial transactions wherever quoting of PAN is mandatory. Some of these financial transactions include opening of a bank account, investing in a fixed deposit, filing of income tax returns etc.

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