The June 30, 2023, was the last date to mandatorily link your Aadhaar and PAN card. So, with effect from 1st July, 2023, your PAN has become inoperative if the linking was not done.
Earlier the deadline was April but the government had extend it till June.
With the PAN becoming inoperative, there are many financial transactions that cannot be done by you.
So, if you had not enough time to not link your PAN and Aadhaar despite multiple deadline extensions and reminders from the government, you are likely to face trouble this month.
If your PAN status is inactive or inoperative, you will not be able to do the below transactions.
Financial Transactions That Cannot Be Done With An Inoperative PAN
Below are the transactions in which quoting of PAN is mandatory by every person, and an inoperative PAN would adversely impact conducting of these financial transactions, as per the FAQs on income tax department’s website.
- Sale or purchase of a motor vehicle or vehicle other than two-wheeler vehicles.
- Opening an account other than a time-deposit referred at point No. 12 and a Basic Savings Bank Deposit Account with a banking company or a co-operative bank
- Making an application for issue of a credit card or debit card.
- Opening of a demat account with a depository, participant, custodian of securities or any other person with SEBI
- Payment in cash of an amount exceeding Rs. 50,000 to a hotel or restaurant against bill at any one time.
- Payment in cash of an amount exceeding Rs. 50,000 in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time.
- Payment of an amount exceeding Rs. 50,000 to a Mutual Fund for purchase of its units
- Payment of an amount exceeding Rs. 50,000 to a company or an institution for acquiring debentures or bonds issue by it.
- Payment of an amount exceeding Rs. 50,000 to the Reserve Bank of India for acquiring bonds issue by it.
- Deposit with a banking company or a co-operative bank:-
- Cash exceeding Rs. 50,000 during any one day; or
- -Cash deposit of aggregating to more than Rs. 2,50,000 during the period 09th November, 2016 to 30th December, 2016
- Payment in cash for an amount exceeding Rs. 50,000 during any one day for purchase of bank drafts or pay orders or banker’s cheques from a banking company or a co-operative bank.
- A time deposit of amount exceeding Rs. 50,000 or aggregating to more than Rs. 5 lakh during a financial year with :
- A banking company or a co-operative bank
- A Post Office;
- A Nidhi referred to in section 406 of the Companies Act, 2013 or
- A non-banking financial company
- Payment in cash or by way of a bank draft or pay order or banker’s cheque of an amount aggregating to more than Rs. 50,000 in a financial year. For one or more pre-paid payment instruments, as define in the policy guidelines for issuance and operation of pre-paid payment instruments issue by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 to a banking company or a co-operative bank or to any other company or institution.
- Payment of an amount aggregating to more than Rs. 50,000 in a financial year as life insurance premium to an insurer
- A contract for sale or purchase of securities other than shares for amount exceeding Rs. 1 lakh per transaction
- Sale or purchase, by any person, of shares of a company not list in a recognise stock exchange for amount exceeding Rs. 1 lakh per transaction.
- Sale or purchase of any immovable property for an amount exceeding Rs. 10 lakh or value by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees.
- Sale or purchase of goods or services of any nature other than those specified above for an amount exceeding Rs. 2 lakh per transaction.
ALERT! : How to Link PAN-Aadhaar before Deadline to Avoid NPS Restrictions | Step-by-Step Guide
NOTE : If your PAN Card and Aadhaar are linked, the screen will display linked; otherwise, it will display the details to link the two cards.
