Is it mandatory to link Aadhaar with PAN?
As per notice provided by CAMS to all online distributors, recent amendments to the Income Tax Rules (detailed extract given under) makes it mandatory to link Aadhaar with PAN, on or before 30th Sep 2021 (previously 30th Jun 2021), failing which the PAN of such person shall become 'Inoperative' from 1st Oct 2021 (previously 1st Jul 2021).
Once PAN becomes inoperative, it will be deemed that the investor had not furnished, intimated or quoted PAN and accordingly be liable for consequences under the Act. PAN will become operative only after the same is linked with Aadhaar.
We request you do the needful and link your Aadhaar with your PAN to avoid any disruptions in transactions or warranting higher TDS deduction. We have attached a simple user guide on how to link Aadhaar & PAN, sourced from the Income Tax website, for your ready reference. You can check the status of the link at this Link Aadhaar Status
website by the Income Tax department.
Relevant amendments to the Income Tax Act:
Section 139AA of the Income Tax Act, 1961 (Act), read with Rule 114AAA of the Income Tax Rules Ordinance dated 31st March 2020 provides that where a person has failed to intimate / link Aadhaar with PAN on or before 30th Sep 2021 (previously 30th Jun 2021), the PAN of such person shall become 'Inoperative' immediately after the said date. Once a person's PAN becomes inoperative, the person would be deemed to have not furnished, intimated or quoted PAN and accordingly be liable for consequences under the Act. PAN will become operative once the same is linked with Aadhaar.
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