Individuals will not be able to withdraw or deposit more than Rs. 1,000 for those who have not done so before March 31, 2022.įailing to link Aadhaar with PAN Card will lead to several restrictions, other than the PAN card being frozen.

Although the Income Tax Portal has made it available for everyone to link their Aadhaar cards with PAN cards, it is charging a late fee of Rs. The government has recently issued a notification that all PAN cards will be discontinued if individuals fail to link them with their Aadhaar cards before March 31, 2023. As per May 2022 notification by the Central Board of Direct Taxes, a PAN is mandatory for the opening of a current account or cash credit account with a bank or post office. It has several uses, including tax filings, taking loans, applying for debit or credit cards or making investments. It is too high for me and I am opting out of this, as I have no business with PAN cards, banks, or income tax anyway.”Ī PAN Card is issued by the Income Tax Department. People pay almost the same amount for a passport these days. 15,000 a month, said, “I cannot afford to pay Rs. Some are even likely to forego the process.Īryan, a tailor who earns around Rs. 1,000 for linking Aadhaar with a Permanent Account Number (PAN) card is causing inconvenience for lower-middle class and Below Poverty Limit (BPL) Individuals.

: Income Tax Department’s late fee of Rs. Failing to link the two cards could result in several restrictions in banking, including a frozen fixed deposit.

Aadhaar soft copy