Linking your PAN to Aadhaar is a mandatory process for all taxpayers in India. As the Last date to link PAN to Aadhar approaches, it's important to know how to link them, why it’s essential, and what happens if you fail to do so.

Last Date to Link PAN with Aadhaar:

Many times, the deadline to link Aadhaar and PAN (Permanent Account Number) has been extended, giving this opportunity to more people to be able to do it. Presently, the deadline is May 31, 2024. If it goes beyond that deadline, serious financial and legal consequences will accrue, thus the necessity to move with urgency.

Step-by-Step Procedure to Link PAN with Aadhaar After the Last Date

Method 1: Online through the Income Tax Portal

Step 1: Access the Income Tax Department website.

Step 2: Log in using your PAN and password.

Step 3: Open up the 'Link Aadhaar' option available underneath Profile Settings.

Step 4: Input your Aadhaar number and click on "Link Now."

Method 2: Through SMS

Send an SMS to 567678 or 56161 in this format:

UIDPAN <12-digit Aadhaar> <10-digit PAN>

You will receive a confirmation message once the process is complete.

Method 3: At an Aadhaar Enrollment Center

Step 1: Locate the Aadhaar Enrollment Center near you through Google search for "Aadhaar center near me".

Step 2: Share your Aadhaar and PAN details with the officer.

Step 3: Pay the required fee and finish the process.

Method 4: Through the UIDAI Portal

Step 1: Visit the UIDAI portal.

Step 2: Find 'Link Aadhaar to PAN' under the services section.

Step 3: Do as per the instructions and proceed with the linking process.

How to Check Your PAN-Aadhaar Link Status

Do you want to know if your PAN is already linked to Aadhaar? No problem; here's how to check:

Step 1: Go to the PAN-Aadhaar Link Status page.

Step 2: Enter your PAN and Aadhaar number.

Step 3: Click on 'View Link Aadhaar Status' and check if the linking is successful.

Who is Exempt From Linking Their PAN to Aadhaar Till 30th June 2023?

• Individuals Living in Jammu & Kashmir, Assam, and Meghalaya

• Non-Resident Taxable Persons as Defined by the Income Tax Act, 1961

• Super Senior Citizens (People Over 80 Years of Age)

• Foreign Nationals and Non-Citizens of India

Why You Must Link PAN with Aadhaar: Key Benefits

Linking of Aadhaar with PAN is more than just the legal formality; it helps minimize financial transactions and enhance tax compliance. This, in turn, saves time for possible clients and taxpayers because the overall cost involved in financial transactions is significantly reduced. Here's why it's important to do so:

• Avoid PAN De-Activation: In case you do not link your PAN, it gets deactivated. So, if at all you wish to file an ITR or indulge in other financial transactions requiring your PAN, it won't be available.

• Avoid Tax Evasion: It makes it easier for the government to keep track of all the financial transactions that take place and thus overcomes tax evasion.

• Filing ITRs: An active PAN-Aadhaar link will be required to file your income tax returns.

• Verification: Linking makes it very easy to get e-verified for most financial services.

What Will Happen If I Don't Link My PAN With Aadhaar Within The Deadline?

• Your PAN will become inactive, meaning you cannot file any income tax returns, open up any bank accounts, or even make investments in mutual funds.

• Fines and Penalties: You will need to pay a sum of Rs. 1,000 as a penalty if you link your PAN with Aadhaar after the 30th June 2023.

• Free Access Denied to Financial Services: You won't be eligible to avail of financial services from banks and credit cards until and unless your PAN is activated.

Conclusion

As of now, linking PAN with Aadhaar is no longer optional—it's a compulsion to ensure smooth transactions and compliance in the country. With the last date falling on 31st May 2024, it becomes ever so important to get it done right away lest fines and inconveniences prevail.

Take charge of your finances with hisabkitab.co, a platform that allows you the simplest and easiest way to track your income and expenses. Management of your finances using a simple, easy-to-use interface will help check on PAN and Aadhaar details so life just gets easier.

So, link your PAN to Aadhaar today and be financially secure!