DISADVANTAGES OF NOT LINKING PAN-AADHAR
IF YOU DO NOT LINK YOUR PAN AND AADHAR BY 31-03-2023, THEN A MINOR EVENT WILL HAPPEN – “YOUR PAN WILL BECOME INOPERATIVE” WHICH WILL MEAN THAT YOU DONOT HAVE A PAN AND IT MAY NOT MAKE MUCH OF A DIFFERENCE, LIKE :
- YOU WON’T BE ABLE TO FILE YOUR ITR (INCOME TAX REFUND).
- YOU WON’T BE ABLE TO CLAIM REFUND TO TDS DEDUCTED ON YOUR PAN.
- ONCE YOUR EXISTING PAN BECOMES INOPERATIVE, IT IS A POSSIBILITY THAT YOU WILL BE REQUIRED TO APPLY FOR NEW PAN AND IN SUCH CASES – ALL YOUR PREVIOUS FILED ITRs WILL ASLO BE USELESS.
- YOU WON’T BE ABLE TO OPEN NEW BANK ACCOUNT AND AFTER SOMETIMES YOUR OLD BANK ACCOUNT WILL ASLO BE CLOSED DUE TO NON-KYC ISSUES.
- TDS WILL BE DEDUCTED AT HIGHER RATES AND EVEN AFTER THAT A SINGLE PENNY WON’T BE REFUNDED.
- IF YOU ARE WORKING IN A BIG REPUTED COMPANY, YOUR SALARY WILL BE BLOCKED.
- IF YOU USE AN INOPERATIVE PAN, THEN PENALTY OF RUPEES 10,000 CAN BE IMPOSED AS PER SEC-272B OF INCOME TAX ACT.
- APART FROM THIS, YOU WILL NOT BE ABLE TO MANY THINGS SUCH AS – LARGE AMOUNT TRANSACTIONS FROM THE BANK, AVAILING LOANS, AVAILING SUBSIDIES, PROCURING CONTRACTS, APPLYING PASSPORT AND CREDIT CARDS, ETC.
