Aadhar-Pan Link: 11.5 crore PAN cards have been closed as a result of this, and a hefty fee will now need to be paid

 Aadhar-Pan Link: 11.5 crore PAN cards have been closed as a result of this, and a hefty fee will now need to be paid

PAN-Aadhaar Linking: Individuals who do not connect their Aadhaar card with PAN would face severe consequences from the government. Deactivation of 11.5 crore PAN cards has occurred. On the other hand, there is a fee to activate them.

PAN-AADHAAR Link: 11.5 crore PAN cards have been terminated by the central government. Because the PAN card was not connected to Aadhaar, this difficult choice had to be made. The Central Board of Direct Taxes (CBDT) said in answer to an RTI that the deadline for integrating an Aadhar card and PAN card was June 30. Those who failed to connect both cards within the allotted period have been sanctioned.

In the nation, there are 70 crore PAN cards.

The total number of PAN cards in the nation was 70.24 crore. Of these, 57.25 crore have connected their Aadhar card to their PAN card. Within the allotted period, around 12 crore individuals failed to complete this procedure. 11.5 crore people's cards have been deleted out of these.

Aadhar and the new PAN card are related.

RTI activist Chandrashekhar Gaur from Madhya Pradesh submitted this RTI. It was advised that when new PAN cards are created, they be automatically connected to Aadhaar. For those who had created their PAN cards prior to July 1, 2017, this order was issued. The Income Tax Act's Section 139AA mandates that PAN cards and Aadhaar be linked.

There will be a 1000 rupee fine.

In accordance with this rule, individuals who do not connect their PAN and Aadhaar may reactivate their card by paying a Rs. 1000 fee. According to Gaur, obtaining a new PAN card just costs Rs 91. Then why is the government reactivating the card at a cost that is more than ten times the fine? It will even be impossible for people to submit income tax returns. The government need to reevaluate its choice.

Where will the issues appear?

People might encounter several issues as a result of the PAN card shutdown. These individuals will not be eligible to file for an income tax refund, according to CBDT. There would be no opening of a demat account, and the maximum amount paid for mutual fund units will be Rs 50,000. The maximum amount you may spend on buying and selling shares is Rs 1 lakh. When you buy cars, you'll be required to pay additional taxes. All bank accounts will be opened, with the exception of savings and FD accounts. There won't be any debit or credit cards provided. The maximum amount you may pay for the insurance policy premium is Rs 50,000. Higher taxes will apply to the purchase and sale of real estate.