7 Biggest problems Caused by inactive PAN card: All you need to know
By Srikanto Mandal 27 March, 2023
The Indian government has set a deadline of March 31, 2023, for linking Aadhaar and PAN cards.
Till date, no official announcement has been made regarding the extension of the last date for PAN-Aadhaar linking, which is 31st March 2023.
Here are the 7 biggest problems that you may face if your PAN and Aadhaar cards are not linked together.
Difficulty in filing income tax returns:
PAN card is necessary for filing income tax returns. In case of inactivity, you may face difficulty in filing their tax returns.
Delay in receiving tax refunds:
In case of inactivity, you may face delays in receiving your tax refunds.
Inability to open a bank account:
PAN card is required for opening a bank account in India. If the card is inactive, the person may not be able to open a bank account.
Difficulty in conducting financial transactions:
PAN card is also required for conducting financial transactions such as making investments, buying or selling property, etc.
Difficulty in getting loans:
Inactive PAN card may lead to difficulty in getting loans from banks and financial institutions.
Penalties and fines:
If a person fails to activate their PAN card, they may be liable to pay penalties and fines as per the Income Tax Act, 1961.
Difficulty in availing of government schemes:
Inactive PAN card can make it difficult to avail government schemes and subsidies.