You may face double trouble if you fail to link your Aadhaar with PAN by the end of this month.First your PAN will become inoperative and second, you may be fined Rs 10,000 if you use an inoperative PAN.
The income tax department has a said that PAN card holders may face panel action under the Income Tax Act if they fail to link it with Aadhaar before the deadline. Any persons found using canceled PAN card, could be fined up to Rs 10,000 under section 272B of the Income Tax Act. Further, if you do not link your PAN with Aadhaar by March 31, then your PAN will become inoperative from April 1.Central Board of Direct Tax(CBDT),through a february 13,2020 notification ,had said that a PAN not link with Aadhaar by March 31, 2020 will become inoperative .
An individual having an inoperative PAN may face trouble in several financial transaction like banking transaction, buying or selling of a property,investment in stocks and mutual fund.A non-operative PAN is the same as not having a PAN.
However, your inoperative PAN will become operative once again when you link it with Aadhaar.
