Is your Permanent Account Number (PAN) linked to your Aadhaar card? If not, then do it now as the deadline to link both the documents ends on March 31.
If you fail to link your PAN card with your Aadhaar card within the deadline, then the income tax department might impose a penalty on you.
You will not only be liable to pay a fine of up to Rs 1,000 but your PAN will also become invalid.
While passing the Finance Bill, 2021, the government inserted a new section (Section 234H) into the Income Tax Act, 1961 for penalising individuals who do not link PAN with the Aadhaar card by 31 March 2021.
Other than the fine, an individual’s PAN will also become inoperative.