CONSEQUENCES OF NOT LINKING PAN AND AADHAR, WHAT WILL HAPPEN IF PAN AND AADHAR IS NOT LINKED

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 :

  1. YOU WON’T BE ABLE TO FILE YOUR ITR (INCOME TAX REFUND).
  2. YOU WON’T BE ABLE TO CLAIM REFUND TO TDS DEDUCTED ON YOUR PAN.
  3. 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.
  4.  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.
  5. TDS WILL BE DEDUCTED AT HIGHER RATES AND EVEN AFTER THAT A SINGLE PENNY WON’T BE REFUNDED.
  6. IF YOU ARE WORKING IN A BIG REPUTED COMPANY, YOUR SALARY WILL BE BLOCKED.
  7. IF YOU USE AN INOPERATIVE PAN, THEN PENALTY OF RUPEES 10,000 CAN BE IMPOSED AS PER SEC-272B OF INCOME TAX ACT.
  8. 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.

 

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Tax Shastra is a knowledge-sharing platform for Individuals, Businesses & Professionals, solely managed and guided by Ratan Sarraf, where you can learn your taxes and finance easily.

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