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The government extended the deadline to link PAN with Aadhaar yet again. The income tax department on its official Twitter handle announced that the deadline to link PAN with Aadhaar has been extended by three months to June 30, 2021, from the previous deadline of March 31, 2021.
Due to the novel coronavirus pandemic, last year the government had extended the deadline to link PAN with Aadhaar to March 31, 2021, from the previous deadline of June 30, 2020. This extension will come as a relief for those who still have not linked their PAN with their Aadhaar.
If you do not link your PAN with Aadhaar by the deadline, then not only will your PAN become inoperative, but you will also be liable to pay a penalty. This is as per a new section (section 234H) inserted into the Income-tax Act, 1961, which was done by the government at the time of passing of the Finance Bill, 2021. As per the law, the government will specify the amount of penalty that will be levied on not linking PAN with Aadhaar, where the penal amount will not exceed Rs 1,000.
An individual will not be able to conduct financial transactions once his/her PAN becomes inoperative. If you link your PAN with Aadhaar after it has become inoperative then your PAN will become operative once again from the date of linking.
It is mandatory to quote your Aadhaar number at the time of filing income tax return, applying for new PAN and also to avail monetary benefits from the government such as pension, scholarship, LPG subsidy etc. Further, you will not be able to use your PAN to conduct the financial transactions wherever quoting of PAN is mandatory such as the opening of a bank account etc.
Earlier, the laws said that if the PAN is not linked with Aadhaar, then PAN would become 'invalid', as if individual never held the PAN. However, the rule regarding the consequences of not linking PAN with Aadhaar was revised in July 2019 Budget. The revision was done to protect the transactions undertaken prior to linking of the same.