PAN card holders: Big News? Now PAN card of 13 crore people may be cancelled & these transactions may be banned; Details Here
There are 61 crore PAN card holders in the country. Of these, 48 crore PAN card holders have been linked with Aadhaar so far. The last date for linking PAN with Aadhaar is March 31, 2023, with a penalty of Rs 1,000. That is, till this day the remaining 13 crore PAN cards can be canceled if they are not linked with Aadhaar. If Aadhaar and PAN are not linked to each other, then see what will be the loss
Investors will not be able to invest
The Central Board of Direct Taxes has already issued a notification informing the investors that if they do not link their PAN with Aadhaar before March 31, 2023, then the PAN will be treated as non-KYC and the PAN will be deactivated. Will go Citing this order, SEBI has asked investors to link their PAN and Aadhaar as soon as possible.
Pan card is necessary for investment
As per the rule of Income Tax Act, 1961, it is mandatory for those who have Permanent Account Number to enter their Aadhaar details so that Aadhaar and PAN can be linked. It is mandatory to submit this information by March 31, 2023 or else your PAN will become inactive. According to CBDT’s circular number seven, this work can be done before March 31 by paying a fine of 1,000. At the same time, Aadhaar and PAN will become inactive after this date. After this, you will have to pay a fine of Rs 10,000 for linking both.
SEBI’s warning
Capital markets regulator Sebi on Wednesday asked all investors to link their PAN with Aadhaar number by March-end for smooth and seamless transactions in the securities market. SEBI said that if investors fail to do so, then on April 1, 2024, they will not be able to invest in the market. In such a situation, if you have not yet linked PAN Aadhaar, then complete this work as soon as possible.
Other transactions may be banned
The Central Board of Direct Taxes (CBDT) had issued a circular in March 2022, according to which the PAN allotted to an individual, if not linked with Aadhaar by March 31, 2023, would become inoperative. SEBI said in a statement that non-compliance may lead to restrictions on securities and other transactions till the Permanent Account Number (PAN) is linked with Aadhaar.
SEBI said, since PAN is the key identification number and is part of the KYC requirements for all transactions in the securities market, it is necessary for all registered participants and Market Infrastructure Institutions (MIIs) to ensure valid KYC.
(This report is Published by Business League. The Kupwara Times holds no responsibility for its content)
