PAN Card: Important news for taxpayers. According to an update, it is being said that if you do not obey the government, you may face a lot of trouble… You may have to pay more tax even on low salary in ITR.
The Income Tax Department announced linking of PAN with Aadhaar after coming across cases where multiple Permanent Account Numbers (PANs) were allotted to a person or where one PAN was allotted to more than one person. it was done. In such a situation, to prevent any fraud, it is being asked to link Aadhaar and PAN together.
Many problems can come-
CBDT has said that if a person fails to link his PAN with Aadhaar, the PAN will become inoperative. In such case the person would not be able to furnish, intimate or show his PAN anywhere and would be liable for all consequences under the Income Tax Act for such failure. These problems can occur if PAN is not linked to Aadhaar.
- Individual will not be able to file Income Tax Return using an inoperative PAN.
- If the PAN card becomes inoperative, tax will be deducted at the maximum rate.
- Pending returns will not be processed.
- Money stuck in inoperative PAN will not be refunded.
- Pending action cannot be completed in case of defective returns.
- Apart from this, people may have difficulty in doing other financial transactions with banks because PAN card is an important KYC document for these transactions.
